Do i need a business bank account for selling on amazon?
Hi I am new to amazon,
I am a sole trader and have recived all my info from HMRC. With the current situation, a lot of banks won’t open new Business bank accounts.
Its a lot easier for me to open a current account with Barclays and trying to get a hold of them on the phone is awful.
My question is will amazon accept this card for my soletrader account and do you think the bank will have an issue with what i am doing.
This isn’t a long term solution just for the next 3 to 4 months.
Regards
9 replies
Seller_ejwc84JNL5Uk6
The name on your bank account should match the name in your account - exactly
Seller_vMsxjZPrdu6uI
It may be worth the hassle getting a business account now as you may then have to go through verification again once you change it…I think…worth considering and it keeps your business finances completely seperate
Seller_NoMNQDGnEW5Bx
Some banks will shut your account down for using it for business transactions too
Seller_DROodOAYHftnc
Yes, that is true - my son-in-law has just gone self-employed and the Bank of Scotland are not opening new Business accounts, apparently due to the amount of work involved and many of the staff working from home.
My account for business use only is a second current account - no problems whatsoever in almost 14 years.
Seller_yKwWOi0MX8lp8
By Law, Sole Traders can use a Current Account
LTD co’s cannot use a Current Account
Seller_NoMNQDGnEW5Bx
I am a sole trader and my account was shut down by Natwest for having business transactions from Amazon coming into it. The terms and conditions of some accounts state you cant use them for business use
Seller_NoMNQDGnEW5Bx
7 Is it OK to use my personal account for business?
Accounts covered by the terms in this booklet are all for your personal
use and not for money relating to any business you run. We can close
an account (or stop providing a service) if we find out you are using
it for non-personal use, or are not eligible for it. We’ll try to tell you in
advance if this happens, but if we were breaking any rules or laws by
continuing to offer you the account or service, we would have to close
or stop it immediately. If you need a business account, have a look at
barclays.co.uk/business to see the accounts we offer.
