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Sole Trader Personal Bank Account

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arash_uk
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Posts: 60
Joined: Tue Apr 24, 2012 3:23 pm

Sole Trader Personal Bank Account

Post by arash_uk » Fri Mar 10, 2017 10:28 am

Hi,

According to the rules one of the documents required to meet financial requirements of the Appendix FM as a sole trader is:

"personal bank statements for the same 12-month period as the tax return(s) showing that the income from self-employment has been paid into an account in the name of the person or in the name of the person and their partner jointly. "

However, what happens if someone who is sole-trader does not transfer the profits to the personal accounts and keep them in the business bank account and uses business bank account for the personal matters?

Thanks

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