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I use a personal account, not a business account. I’ve done this for nearly 32 years. I’ve never paid any bank fees/charges.
But then all that happens is that money is paid directly into the account [just like wages really] by the vast majority of clients. The majority being commercial work. The only outgoings from this account are generally household items, such as water rates, council tax and energy etc.
Any business purchases are via my Barclaycard [half a percent cashback on everything], which is then just paid in full from my current account online. So technically there are no business expenses going out from the current account.
I never pay cash into the bank and use it for anything that comes along, mainly fuel [diesel/petrol] or bits and pieces [trips to the pub etc.]
if you keep good account of what the business tractions are in your account you should be ok
if you have hmrc serch on you it might get a bit sticy
if you go ltd co you will need a buseness acc but the fedaration of small busness (i think thats what its called) do offer free banking for members
I knew as I wrote the above that the naysayers would be along shortly. I was waiting.
I keep very detailed business accounts [both hand written in a work diary and on the laptop, broken down into separate categories] which includes all transactions in and out, including all cash I am paid, which is a not an insubstantial amount. I am scrupulously honest and straight forward in all things.
We all have our different ways of working, a way that suits the individual. A specific prescribed model of keeping business records does not automatically equate to honesty or transparency. Just look at some of the huge financial institutions that have been ‘found out’ in recent years. I am sure that their accounting methods would look superior to mine, but it meant nothing in the final analysis.
That post isn't nay saying you in any what so ever. In fact it actually says a regular account should be OK. Honestly, you are far too fond of your own voice and opinion. Almost every post you put on this site is an essay and always so quick to think people are attacking your precious opinions.
To the original poster, I've only ever used a personal account and it's been absolutely fine.
LoL.
Thank you for your reply
I think this really depends on the type and size of business, plus how you do bookeeping.
If ten's of customers, and you do all the bookkeeping for the tax return (perhaps done by an accountant). Then I can't see a problem with using a personal account if you wish. However, given FSB do a good biz account FOC, then why not use that and make it a simple separation.
If you've hundreds of customers, staff, a bookeeper reconciling bank entries with customer payments / services through quickbooks for example, then no you wouldn't want them having read access to your personal account. Certainly I wouldn't. At this level it's good practice to have a separate account, especially as you'll likely be vat registered as well.
I have 200 regular grass cutting customers i do my accounts in spreadsheet on the pc at the year end email to my accountant to file.
Im sole trader my son works for me just the 2 of us
Not vat registered
We're with Andrew on this!
I have a personal account for home stuff/ household bills etc and also a business account. I got fed up with paying HSBC bank charges so switched my business acc to Starling this year. It's free and the app is really good, and the account is very simple to use. Personally I just prefer to keep some capital in my business acc for buying materials/ tools etc.
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