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Sole trader and business bank accounts

Is it a legal requirement for a sole trader to have a business account. If all business transactions only were going through a personal account that was set up purely for the business is this ok.

Comments

  • hal978hal978 LondonMAAT, AAT Licensed Accountant Posts: 198
    edited August 2020
    It is not a legal requirement, but it is not recommended.

    You will be in breach of your bank's terms and conditions, as they do not allow it.
    Mary123
  • Mary123Mary123 Registered Posts: 2
    Thank you for your response. I was concerned about my banks terms & conditions so I have rung them and they have informed me that they do not have a problem with me using my personal account for my business as I am a sole trader.
  • LoraAThreadgillLoraAThreadgill Registered Posts: 3
    Bank account is very important for each business and it should be current bank account. I am running the hemp business plan and I also have a current bank account. This account is very helpful for me to manage the ba
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