topic Re: Being asked to upgrade to business account in Seller Central

topic Re: Being asked to upgrade to business account in Seller Central https://community.ebay.co.uk/t5/Seller-Central/Being-asked-to-upgrade-to-business-account/m-p/7751116#M695587 I do not have a link but If anyone is running a business then they should've sourced the information for themselves. So in addition to my other post to make it a bit clearer. Ltd companies ( Businesses) have to register with companies house and hold a business bank account. That is a legal requirement.  Whilst current accounts can be used - these should not to be mixed with personal and business dealings... every Bank has their own terms on this so you would need to check. This is for banking and HMRC purposes.  I may be a private seller on eBay but I used to run a business and followed the correct protocol and have had many conversations with an accountant and HMRC.  Sole traders " legally" are not required to have a business account,   but if they ( sole traders) use a current account this should not be mixed with personal banking for accounting purposes and again, banks have their own protocol and most do not allow " business" transactions on a personal current account.  Some banks will allow two " current" accounts but it would be shown that it is for business purposes.  It is up to the individual to check this. It is best business practice to open a business bank account to separate from personal as whilst there are fees for transactions, it also can offer other ranges of services, such as lending ( should it be required to expand your business)...Many have a separate  current account because they " trade" in their own name if they are not using their own name, then that needs to be registered as it is a business. ( This is different to just using a " handle" on eBay platform)  If eBay are allowing business account sellers to register with just a current bank account and the businesses are not sole traders then that is not following legislation.  Hope I have made it a bit clearer. Also isn't it ironic that people are touting about Private " business sellers" on the platform avoiding fees and yet those running a business using a current account also are avoiding business banking fees...just a thought.          Fri, 17 Jan 2025 14:01:37 GMT vintique*violet 2025-01-17T14:01:37Z