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Business founders/entrepreneurs

Can I just take payment to my bank account?

7 replies

NatashaBedwouldbenice · 14/02/2022 17:06

If I offer a bit of say, tutoring, as a side income, can I give customers my a/c number and sort code and ask them to transfer money to my bank account?

OP posts:
delilahbucket · 15/02/2022 02:52

Depends on the terms and conditions of your bank account. If it says no business use, then no you can't.

NatashaBedwouldbenice · 15/02/2022 10:35

Thank you. I did look in to it with my bank (HSBC) before posting but just went round in circles with their chat facility. I need to get myself in to town for a proper conversation. Oh for the days when there was a branch at the top of the street.

OP posts:
delilahbucket · 15/02/2022 15:12

You can usually just download the terms from the website. Chances are it says no business use and then it's up to you whether you chance it. HSBC are notorious for closing people's accounts.

DenholmElliot · 15/02/2022 15:17

I just opened a monzo account online and use that - it was easy as anything and it helps keep funds separate. It's free as well.

NatashaBedwouldbenice · 15/02/2022 16:27

Thanks Denholm I'm not familiar with them at all, I'll check them out.

OP posts:
TakeYourFinalPosition · 15/02/2022 16:45

Id use another account for tax/accounting purposes, it makes it a lot easier. Monzo is a good suggestion, Starling are great too but did pause offering new business accounts for a while and I don’t know if that’s restarted.

caulkheaded · 15/02/2022 16:47

I have a Starling business account - bit like monzo. I find it better to keep money separate for when I have to pay tax!

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