Do i need a seperate business bank account for a part time business?

I want to sell art prints through newspapers as a part time business, Do i need to have a seperate business bank account, or could i add a business name to my standard current account ,for checks to be made payable to?

You’d need a business account for this! You could use another standard account but the bank might stop you because they make money from business accounts and loose money on personal accounts!

If you did use your own current account, like I say the bank may stop this but you would need to keep a very clear and consise audit trail for HM Customs and Excise (Inland Rveneue) to show the difference between your money and the money earned for the business, because you will have to pay tax on it!

Hope that helps!

Time Technology & Research 31-01-2010 Art Bell Doctor David Lewis Anderson Coast to Coast AM Part 2

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