Business Bank Account

CSMR

trailingspouse wrote: »

Even as a sole trader, you still need a separate business bank account. It's against the terms and conditions of most personal bank accounts to use them for business purposes.

Actually according to https://www.moneysavingexpert.com/banking/small-business you may not need a separate account:
"Use a personal account if you can If you are a sole trader (not a limited company), then you may be able to use your normal bank account for your business, with all the better terms that involves (though check your terms & conditions - some banks won't allow this)."

However if you have a lot of business transactions and are going to have trouble separating them out, then get a separate bank account.

Zanderman

CSMR wrote: »

Actually according to https://www.moneysavingexpert.com/banking/small-business you may not need a separate account:
"Use a personal account if you can If you are a sole trader (not a limited company), then you may be able to use your normal bank account for your business, with all the better terms that involves (though check your terms & conditions - some banks won't allow this)."

However if you have a lot of business transactions and are going to have trouble separating them out, then get a separate bank account.

That MSE advice is very odd. None of the major banks (afaik) allow use of a personal account for business, and it's irresponsible of MSE to suggest it!

Aquamania

yoshiyella wrote: »

My wild optimism says making £1200. My head says break even.

It is a hobby, nothing more. It requires a business account as I will be selling thus making money.

If you are intending, albeit in your wildest dreams, to produce a £1200 profit from this operation, it is not a hobby, but a busininess.

You are correct in that you will therefore require a business account.
(You would not need a business account if you are just carrying on a hobby)

See the link in post#2 for details of the best business current accounts.