Personal bank account for a sole trader?

ptyloch

Can I open just a personal bank account for my part time business?

I’m just setting up and saw that the dedicated business accounts are quite expensive, can I open just a personal account and use it solely for the business?

We have a shared bank account with my wife for our salaries and bills but I’d like to keep the business side of things separate for easier accounting (I’ve read a lot of horror stories about people using their only bank acc for both business and personal and having problems at audit times)

Thanks

markmoto

ptyloch wrote: »

Can I open just a personal bank account for my part time business?

I’m just setting up and saw that the dedicated business accounts are quite expensive, can I open just a personal account and use it solely for the business?

We have a shared bank account with my wife for our salaries and bills but I’d like to keep the business side of things separate for easier accounting (I’ve read a lot of horror stories about people using their only bank acc for both business and personal and having problems at audit times)

Thanks

as sole trader you can use any bank account.

pinkypinky

Absolutely. The key, as you've noted, is to keep it separate from your personal stuff.

Some banks will offer free banking for X years for new businesses.