business bank statement / self employed

rpsarangi · Post by **rpsarangi** » Fri Jul 08, 2011 3:06 am

My tier 1 general extension is due next year and i operate as a sole trader. I have opened a business bank account on the name of business. The statement are in the name of the business not in my name. I am a bit scared as last time i had operated through personal account.
Moderators and seniors please comment , is that a problem if the statement is in bussiness name and not in my name ..
thanks in advance

AccountantMatthew · Post by **AccountantMatthew** » Fri Jul 08, 2011 11:12 am

Just checking the full name of your business account.....

Legally you and the business are one and the same (i.e. your business is an extension of you) so accounts will generally be set up as 'Mr/Ms X trading as Y'.

rpsarangi · Post by **rpsarangi** » Fri Jul 08, 2011 8:51 pm

Thanks for the reply .. but the statement is in my business name and my name is nowhere . i hope thats ok..

sureshep · Post by **sureshep** » Sat Jul 09, 2011 12:43 am

Hi,

I think if you are showing the earnings using Self employment mode - then salary deposits should be personal bank account.

If you are showing through Ltd company where you are the director of the company - then it should business bank account.

Seniors - Please correct me if I am wrong elsewhere.

Regards,

Sushil-ACCA · Post by **Sushil-ACCA** » Sat Jul 09, 2011 2:58 pm

sureshep wrote:Hi,

I think if you are showing the earnings using Self employment mode - then salary deposits should be personal bank account.

If you are showing through Ltd company where you are the director of the company - then it should business bank account.

Seniors - Please correct me if I am wrong elsewhere.

Regards,

Salary always deposited in personal a/c even by mistake credited in ltd company a/c it will be capital / loan to company by director

rpsarangi · Post by **rpsarangi** » Sun Jul 10, 2011 9:32 am

Thnaks alll for the replies. What my doubt is:

I am operating as a soletrader( self employed) and have opened the business account in the name I operate. So the money is getting deposited into the business accounts as the cheque comes in the business name. I am not operating through LTD. company.

As I am operating through soletrader so there is no salary for the director or any dividents. I guess its only profit and loss at the end.

The doubt is::- the statement of the account comes in the business name so is that ok ?? or I need to deposit the money in my personal account as I did last time.?

Please help. Thanks all.

Sushil-ACCA · Post by **Sushil-ACCA** » Sun Jul 10, 2011 2:31 pm

A SOLE TRADER CAN USE BUSINESS a/c as well as personal a/c for recepts from clients

jami · Post by **jami** » Mon Jul 11, 2011 11:33 am

obtain a letter from bank that you are person operating that account on business name such n such

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business bank statement / self employed

business bank statement / self employed

thanks