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Self Emplyment - Bank Account

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shanmukh
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Posts: 11
Joined: Tue Nov 03, 2009 1:01 pm

Self Emplyment - Bank Account

Post by shanmukh » Mon Nov 09, 2009 8:12 pm

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....

rice_porridge
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Posts: 26
Joined: Sat Oct 31, 2009 8:50 am

Re: Self Emplyment - Bank Account

Post by rice_porridge » Mon Nov 09, 2009 11:58 pm

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.

durak
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Posts: 20
Joined: Wed Nov 11, 2009 3:41 pm

Post by durak » Wed Nov 11, 2009 3:42 pm

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.

sachin_4646
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Posts: 42
Joined: Thu Aug 30, 2007 2:30 pm

Post by sachin_4646 » Tue Nov 17, 2009 4:50 pm

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.

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