Sole trader and business bank accounts
Mary123
Registered Posts: 2
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.
0
Comments
-
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.1 -
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.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 18.9K For AAT students
- 234 NEW! Qualifications 2022
- 133 General Qualifications 2022 discussion
- 7 AAT Level 2 Certificate in Accounting
- 31 AAT Level 3 Diploma in Accounting
- 55 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 91 Software
- 272 Tax
- 135 Bookkeeping
- 7.3K General accounting discussion
- 201 AAT member discussion (AATQB, MAAT, FMAAT and AAT Licensed Accountants and Bookkeepers)
- 3.8K For everyone
- 39 AAT news and announcements
- 352 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 586 Job postings
- 17 Who can benefit from AAT?
- 36 Where can AAT take me?
- 44 Getting started with AAT
- 26 Finding an AAT training provider
- 47 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 65 AAT membership