We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Bank account opening for self employed
Adly812
Posts: 579 Forumite
in Cutting tax
I’ve just started being a self employed personal trainer. My salary is being paid into my usual current account. But would it be better to open a current account for the sole purpose of my personal training business salary and expenses?
Or will hmrc now always request to see the both of my accounts now ,since I already had payments entering my personal account? if I change now..
Or will hmrc now always request to see the both of my accounts now ,since I already had payments entering my personal account? if I change now..
0
Comments
-
HMRC won't request to see anything unless you are investigated.
It doesn't really matter what account you use so long as you keep accurate records of income and expense for the Business. You might find that easier with a separate account but it is not an HMRC requirement.
Banks do not allow Business use on personal accounts, but there is a bit of grey area with self employed. There seems little difference between an employer paying salary and a SE customer paying an invoice. I don't think most banks worry too much.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards