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Posted Wed, 02 Aug 2023 20:03:44 GMT by
I am exploring the possibility to set up a company for my earning. I receive jobs from several platforms and get paid into my personal Paypal account. I wonder if I can use the existing account for the company so long as I have the transaction records.
Posted Tue, 08 Aug 2023 13:59:38 GMT by HMRC Admin 32 Response
Hi,

Yes. They can be accounted for under the same business or trade. BIM20000 advises that:

"broadly, ‘trade’ can be taken to refer to operations of a commercial kind by which the trader provides to customers for reward some kind of goods or services. The extension of the definition to ‘ventures in the nature of trade’ allows for the inclusion of isolated or speculative transactions, although not all such transactions will be within the definition".

BIM20000 - Meaning of trade

Thank you.

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