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Business bank account

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

Moderators: Casa, John, ChetanOjha, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix

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cappachino
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Joined: Mon Mar 25, 2013 9:24 pm
Location: LONDON

Business bank account

Post by cappachino » Sun Oct 02, 2016 11:50 am

Hello All
Need opinion regarding business bank account.
If one has two businesses (both sole proprietor) and one business bank account used for both, would there be any issues?
As per guidance a sole proprietor can also use there personal account but says nothing regarding one bank account for both sole proprietor businesses.
As per HMRC its allowed to have one bank account but then this is UK Immigration.

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zimba
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Re: Business bank account

Post by zimba » Sun Oct 02, 2016 8:03 pm

A sole trader is essentially a self employed individual. You effectively do not have multiple separate entities or businesses. Using one bank account like a personal bank account is fine.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

cappachino
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Posts: 490
Joined: Mon Mar 25, 2013 9:24 pm
Location: LONDON

Re: Business bank account

Post by cappachino » Sun Oct 02, 2016 8:07 pm

zimba88 wrote:A sole trader is essentially a self employed individual. You effectively do not have multiple separate entities or businesses. Using one bank account like a personal bank account is fine.
Thanks for your reply
What if two sole trader businesses operate from one bank account and this bank account is a business bank account

buntyz
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Location: wales

Re: Business bank account

Post by buntyz » Mon Oct 03, 2016 12:24 am

it is totally fine to use 1 account either business or personal for one or more businesses

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zimba
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Re: Business bank account

Post by zimba » Mon Oct 03, 2016 2:26 am

Again and again, there is no such a thing as having multiple sole trader businesses. A sole trader is a self employed individual not a business entity. You can use a single business or personal bank account for all your sole trading activities
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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