Q I have recently started my own, very small, bookkeeping business which I am working at on a part-time basis as my son has now started full-time education. At this stage I do not expect my turnover to exceed £6,000 a year. I have registered with HM Revenue & Customs as a sole trader and have started paying the basic national insurance contributions directly from my personal bank account. I am aware that a business should have its own account so have opened a second current account for the bookkeeping company, to pay in cheques received and for any business purchases.I have just been told by another bookkeeper that it is a legal offence not to have a formal business account if you are running a business. Is it okay that I am running a separate, but personal current account for the business? If it is not a legal requirement for a small business to have a business account what are the benefits to having such an account? These seem to charge a fee for all transactions and don’t appear to have any extra benefits. Continue reading…
Source : theguardian.com
Read more…Is it legal to use a personal bank account for business?
