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Posted Tue, 16 Jul 2024 21:39:47 GMT by chemhero321
Please can you confirm that a sole-trader can receive business funds, for example, from the sale of goods into a personal bank account where the account name is the same as the sole trader's name. For example would "Joe Bloggs" who is trading as "Victor Industries" be able to receive funds into a bank account where the account name is "Joe Bloggs"?
Posted Wed, 17 Jul 2024 10:23:27 GMT by Cynthia Zimele
Yes, you can. There is no requirement to have a business account although it is good practice to have separate accounts, especially if you are increasing in size and will have professional accountant preparing your accounts (as they will need the bank statements and you may not want to share your personal statements with them + this will take them longer to identify between the personal vs business transactions).
Posted Wed, 17 Jul 2024 11:47:19 GMT by chemhero321
Thank you Cynthiaz. Whilst we await a response from the HMRC admin, do you have a link to a gov.co.uk or legislation that specifically allows for this? This is to convince a client and not for my personal understanding.
Posted Wed, 17 Jul 2024 13:49:50 GMT by HMRC Admin 20 Response
Hi chemhero321,
Sole traders aren't legally required to have a business account, so business income may be paid into a personal bank account. 
Thank you.

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