Bank accounts

(8 Posts)
silversmith Fri 13-Sep-13 19:25:22

I'm already self employed, under my own name, as well as part-time employed, so I file self assessment tax returns etc. I have recently started up a new venture which is in the same area as my current work, but it would be useful for grant applications etc if it had its own bank account with the 'business name' rather than my name.

Can I just set up a bank account in the different name - I'm the only person who will be dealing with money- & continue to file SA as normal, or should I inform HMRC?

Also - I assume if I'm self employed, I already count as a 'sole trader'.

Any wisdom welcome!!

I've got a Nationwide flex account for my business, it was easy to set up and easy to manage in branch or online.
I'm a sole trader, it's not an issue, they ask if you want a business account, you ask whether it's actually worth it for the benefits vs the cost, it's not so you get a personal current account in the business name.

ChinaCupsandSaucers Sat 14-Sep-13 07:55:31

Some 'personal' accounts specifically prohibit use for business/trade in the T&Cs, so it's worth checking around!

silversmith Sat 14-Sep-13 11:20:18

I've done a bit of research on costs, as I always thought business accounts cost a lot (most of my work goes through a personal account), and the co-op appears to have a basic account (all I need) which is free for tiny businesses. Will maybe call them about the name - I guess I just need a 'trading as' name..?

Somethingfunny2 Sun 15-Sep-13 09:04:40

I've banked for free with Santander business for years and have no complaints but then ask little from them in terms of customer service/ loans etc.

Somethingfunny2 Sun 15-Sep-13 09:04:53

I've banked for free with Santander business for years and have no complaints but then ask little from them in terms of customer service/ loans etc.

Lonecatwithkitten Sun 15-Sep-13 10:09:37

My business bank accounts are always listed as lonecatwithkitten T/A business name. I have banked with NatWest for years when I open a new account I get two years free banking on that. I have relationship manager who is great, actually encouraging me to grow the business so I work less!

silversmith Sun 15-Sep-13 16:46:20

Thanks! I'll look into Santander. I wouldn't need much in the way of service either - really just somewhere to put the occasional cheque & keep things separate from my other work. I suspect that with a 'free for 2 years' account, I'd start accruing charges but not have the energy to actually move account!

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