Buisness account

[polus]

I need to setup a separate account for the income from some work I’m doing outside of my 9-5 employment.

Is there any benefit to business bank accounts over a normal account?

Edited by polus on Monday 25th September 11:11

[Eric Mc]

Not usually.

In fact, the banks are normally inclined to charge more for the priviledge.

Is it "business" income anyway?

[polus]

I just want all my accounts with the contract work I’ve been doing to be separate (easy to keep a track all money made / costs incurred). Anyway after finding out about the charges I’ve just opened a normal account up. We not talking hundreds of thousands here (obviously I wish that was so ).

[Eric Mc]

If you are treating this income as "Self Employed Earnings" you need to contact HM Revenue and Customs within three months of the commencement of your "Self Employment".

[polus]

Eric Mc said:

If you are treating this income as "Self Employed Earnings" you need to contact HM Revenue and Customs within three months of the commencement of your "Self Employment".

Yep, been there, done that and got the teashirt (or the bill for extra NI )

Cheers Eric.

[cannedheat]

Could you not just open another seperate current account with your bank? It shouldn't be a problem or raise any questions. Be careful though if your running a business through a personal account, the bank may spot it but I think the worst that could happen is that they insist you convert it to a business account.