Self Emplyment - Bank Account

Hi Gurus,

apart from working full time, i am also working evening & weekends as freelance web developer. i am accepting payments into my personal bank account. do i need to have a business account or is this enough?

i also want to show the same account for the maintainence as well.


please help.. thanks & regards....

shanmukh wrote:Hi Gurus,

apart from working full time, i am also working evening & weekends as freelance web developer. i am accepting payments into my personal bank account. do i need to have a business account or is this enough?

i also want to show the same account for the maintainence as well.


please help.. thanks & regards....

I don't think you do.

Yes, you do have to have a business account.

Otherwise you can't prove it's just someone giving you money (i.e. a relative transferring money as a temp loan) to get the visa.

OP:

If you are trading as a Business (Limited Company), you must have business account.

However, if you are just trading as self-employed, you can accept payment and deposit to your personal account. For this, you must register with HMRC as Self-Employed. You should be paying NI on the self-employment income. And of course, you have to declare your income using Self-Assesment.

If in doubt, check Self-Employed section on hmrc site.