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Bank account opening for self employed
Adly812
Posts: 572 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
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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
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