[Erithwc]

i have got a personal bank account that i have not used for a while and was thinking about using it as my bussiness account and closing my curent business account.

my question is can you use a bank account that was used for personal use for your business ?

i know you would need the highlight when you start using the account for bussiness, has any one else done this ?

thanks erithwc

[Tom White]

As a sole trader, yes you can. 

[bobby p]

been my experience that HSBC get anti once you start funnelling in cheques to a personal account, HALIFAX get nosey but let it go(so far !) and NATIONWIDE never say a thing and i pay a fair few cheques in to them , with no problems

[Erithwc]

im i right in thinking that all i need to do is when the next statment comes through the post is highlight the date that it started to be used as a bussiness bank account 

[Tom White]

im i right in thinking that all i need to do is when the next statment comes through the post is highlight the date that it started to be used as a bussiness bank account 

I keep all bank statements that are relevant to that years accounts.  So if you've used two different accounts, you need to have the bank statements for those two different accounts.

You don't really need to highlight anything, though I will highlight any anomalies.  For example I will highlight any payment made into my bank account that has nothing to do with my business and make a note of it (to help my memory) of what it was; just so if I get a tax investigation I can explain what that payment was and why it's not classed as income and therefore not subject to tax.