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Scottish Trust Deed Forum
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Topic starter
15/12/2017 10:15 am
Hi hoping someone can help. My husband has recently went self employed as a sole trader and is coming to the end of his TD in March. Obviously he cant get a high street business account as cant have a credit check so he opened an online one with Cashplus however he was about to deposit some money and has read some very negative reviews about not being able to access your cash or tf to other accounts which is obviously a necessity. I wondered if anyone had any dealings with this Cashplus and if anyone knows of any other banks/building societies that could be an option? Its a steep learning curve now hes self employed and some people have said he doesn't have to even have a business account but surely for tax purposes he has to leave a trail and be seen to be paying himself a wage? Thanks in advance
15/12/2017 11:00 am
Hi
Not sure about a business account but I have a bank account with Co-operative Bank.
Nel
15/12/2017 11:36 am
Welcome to the forum DL2212.
I agree with you that having a separate account for business transactions make sense. You don't have to do this as a sole trader, but it could make it much easier to do accounts and to submit tax returns in the future.
The thing is that this separate bank account doesn't have to be a "business" account. It could be a personal account in your husband's name. Perhaps just a second account with whoever he banks with now?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
20/12/2017 3:10 pm
I have had a CashPlus business account for years and years and I have never had a problem with it. It even has a £500 overdraft facility for emergencies.
Happy to answer any specific questions on it.
