www.iva.co.uk

Hi

Im planning on going self employed as a gym personal trainer, I will work in a gym but will be self employed will have my own monies and pay the gym a ground rent, I also plan to work outside too, but not to have a company name - would i need one?.

Do I need to have a business account, would i be a sole trader or could i use a basic personal account?

If I need a business account can anyone suggest one that would take a newly discharged bankrupt.

Thanks

Hi,

As you are going to be trading as a sole trader you do not need to have a business bank account, you personal account will be fine. You also do not need to have a company name. Just make sure you keep good records of your business income and expenses, the better records you keep, the less work your accountant will have to do and thus your accountancy fees will be lower.

Just spoke to Coop and they have said no I cant use their account as a self employed person as they would need a regular wage going into the account plus their is different tarrifs

If you are paid in cash, how are they going to know? I don't think you are working at the moment are you? Surely if you pay cash across it shouldn't matter where it comes from?

Of course you could always revert back to Thinkbanking.

Thanks Jan

I asked that, and they said its the business expenses they notice, plus business accounts have better deals than cashminder.

Thinkbanking are a definate no

If you already have an account with them, they will not know how you will use your account, as long as you have money in your account and use your account sensibly ie not going over drawn etc they will be quite happy with you, who did you speak to at the coop? was it a call centre staff a counter person or was it some one senior?

A sole trader does not have to have a business bank account, all you need is to have a account to pay your taking into and a way to pay your expenses, a cheque book would help but it is not a must have.

Do you honestly believe the bank will go through every single persons account to see what they are spending there money on? Business expenses will not be much different from you normal living expenses in your line of work. I think maybe they are trying to get you to take out a business account which are not usually free. I do not believe that any of my clients who are sole traders use a business bank account.

If you are going to be paying cash in, then I can't see a problem.

It is not very often that people who are BR can get a business account.

If you have any cheques Stu, then you can use the Coventry account. I thought you were able to pay cash across via the Co-op to the Coventry? Or am I getting this wrong? If so, then just go to a Co-op and pay it across to the Coventry.

Hi Jan

Thats the NPBS Account that allows Coop to make payments with, and it takes 10 working days to clear cheques with coventry