Can you open a regular current account for my business?

Question

I'm Opening a mobile beauty business and was wondering can you open a regular current account for my business?

i wont be dealing with large amounts of money-less than £1000 per week so i dont need to register for VAT.

All i'll be using the account for is for like once a week to pay all the money in minus my wage & products (it'll just be to sav e my profit)

Answer 1

yes, no problem legally.

However, on the long run, it is a bit dangerous to mix business and personal account...as you tend to dilute your personal and business spending...so you don t get a clear picture of your business balance....if it makes any sense.

Like someone said, most Bank offer FREE Business Banking for a year or two. I would recommend that you get a business account with free banking during the time of the offer and then leave them just before the offer expire..!!! ahaha :)

(Switching business account is now extremely easy)

http://www.financecomparator.co.uk/busin...

Answer 2

Yes. As long as you do not use a business name for the account (obviously). I used to use a First Direct current account for my business. It has to be in your own personal name.

Answer 3

Yes, sure!

Answer 4

You can open a business account with any bank but will have to pay bank charges at most of them.  

It's not illegal to use your personal current account

If you are only using the account to save up your profits, and if you are a sole trader rather than a ltd company, then there is probably no harm in paying it in to your personal account.

Answer 5

you can use a regular current account.

As a precaution, I would invest in a cheap accounting software package to record all transactions. Strict record keeping should keep all parties happy.

Answer 6

Yes you can open a current account for your business.  The problem is that once the bank realises you are running a business they may want you to change to a business account.

I think you would be wise to shop around before you do anything.  Many banks are keen to sign up business people - they may offer a business account with free banking for a year and the help of a business advisor.  

You never know what you can get until you ask!