CAREER PURSUIT

Can I use my own bank account? You can – but it’s not advisable. Legally, you don’t NEED a special business bank account as a business – despite what the banks would have you think. But business accounts do come with a lot of perks (the branch business manager can be a mine of information and great for networking!). As a sole trader, it’s common for people to use a personal account, but if the bank catches on they are within their rights to insist you switch to a business account – it’s their product after all! Some mortgage lenders will not be happy if you have a personal bank account as opposed to a business one. Either way – please make sure you have a separate account for the business. It makes it easier to manage and easier to separate your personal cash from that of your business. Do I need an accountant? Chances are, probably not if you are just starting out. BUT it is worth paying someone for a few hours of their time to talk about how best to set everything up, how to record things, how to keep track of income and expenses, and how to work out your profit. Spending a few pounds now will almost certainly save you time further down the line when you’re staring at the mountain of paperwork you don’t know how to tackle, and there are only three days before your self- assessment is due. A good accountant will help you with the basics and give you some top tips for DIY bookkeeping. Once your business picks up, and you just don’t have enough hours in the day for it, THEN you can hire someone to do it for you. C A R E E R P U R S U I T 23 2 0 2 0 Liz Hart is the founder of Money Bee. Whether you need tax returns, start-up advice, small business accounting … she has it covered. Accounting and finance can be a mysterious world. Money Bee aims to make it accessible and easy to understand, no matter what your accounting needs.