banks

BILLBO63

why are banks making it so hard to get the bounce back loan for sole traders i do not have a business account  just have a account with Halifax has any body gained access to this through Halifax account trying  to open a business account through main  stream banks are just damaging my credit file i fall out side of the HMRC SELF EMPLOYMENT remit for there loan  HELP 

Grumpy_chap

You should open a business bank account for your business.  It is bad practice to mix business funds with personal funds.

Caz3121

as per the table in the main article the options for opening a new business bank account for BBL is very limited
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/

mattyprice4004

If you're self-employed, you should have a business account - and if you had, this would have been avoided. 
Personal accounts aren't for people to run businesses from (anyone self employed as a sole trader is running a business) - I did this for several years but got a good rollocking from HSBC when they found out! 

dunstonh

You will find most banks and building societies have it in their T&C that you should not be using personal accounts for business purposes.      However, unless you are dealing in cash via their counters or using other business facilities, they typically turned a blind eye to it. 

The delays and issues are largely due to you trying to save a bit of money on bank charges (which nowadays ranges from zero to a few pounds a month).   Indeed, it may result in you paying more in accountants charges because of the mess they have to sort through when you mix business and personal accounts up.

belgarum

I'm with Barclays and suffering the same issues in getting a BBL.  Just going through the process of opening a business account which seems to be a drawn-out affair
I. too, have run my business through a "personal" account, and have done for years without issue.  Not overly inclined to use a business account in the past due to the fees, but if a business account, some fees and BBL go hand-in-hand, I'll go that route.  Not being entitled to the SEISS (grrr!) a BBL is my only lifeline.

Grumpy_chap

Using a personal account for business is a bad idea because it mixes the finances up between the two.
Also, it is against the ts&cs of the personal account.  Maybe the banks should take the harder line and close the personal accounts?
The fees on business banking are not that high at all.