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Where Taxpayers and Advisers Meet

Sole trader account vs Buisness account vs Personal Current Account || Sepf-employed

Concious_Entrepreneur
Posts:7
Joined:Thu Nov 28, 2019 10:38 pm
Sole trader account vs Buisness account vs Personal Current Account || Sepf-employed

Postby Concious_Entrepreneur » Sun Mar 15, 2020 8:45 pm

Good evening everyone,

I am writing this post regarding the most suitable type of bank account for a sole trader who
is running a small creative business (brand identities, logotypes, explainer videos etc.)

I had read on HMRC forums that is not obligatory for a sole trader to have a separate bank account for business operations. However, by doing so, we could significantly easier to manage in and outs connected with the company.
MY first thought was to open a different personal current account, but I heard on some forums that banks could even freeze the bank account if they will realise that it has too many monthly operations.

So then only Sole trader Account or Business account stay in a game. Which one will be the most suitable for such a company ?
Do you know any interesting deals wort to consider in 2020?

Currently, I have got a Barclays bank account.

Thank you very much for your time and consideration.

Peter

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Sole trader account vs Buisness account vs Personal Current Account || Sepf-employed

Postby pawncob » Thu Mar 19, 2020 2:37 pm

Open one of each.
With a pinch of salt take what I say, but don't exceed your RDA


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