Banks

[johnnyedge]

Is it a legal requirement to have a business bank account if you are a self employed sole trader in the home improvement industry?
I use a savings account to clear cheques at present and as yet I have not had any moans from the bank.
Tanks.

[Slingshot]

No it is not a legal requirement. I have been a sole trader for 15 years in the finance industry and never had any trouble. I pay no charges at all with First Direct but you have to keep the balance healthy!

[johnnyedge]

Many thanks SLINGSHOT

[mcauley]

i beg to differ with slingshot, as i know from experiance that if you are puttin lots of transactions through a normal a/c the bank can cancel your a.c and force you to open a business a/c because you are not paying charges for cheques cash transactions. i got away with it for a couple of years by putting money into differant a/c,s. do it for as long as you can to save on charges. good luck.

[Slingshot]

mccauley. I know that banks differ in their views because I had a personal account and business account with Midland Bank. The Bus. account was always charged a lot for cheques in etc When it was taken over by HSBC I moved and amalgamated both accounts to First Direct and had no charges at all. Nationwide and the Co-op both have good business accounts. It is worth getting hold of Moneyfacts which lists all UK bank accounts and has an internet site http://www.moneyfacts.co.uk/