Opening a private account when you have a business account pros and cons.

[moldosgifts]

Looking to wind my business down a new job and wont have the time.

I will be selling stock to a local business.

But i still want to be on eBay selling my own things.

What is the latest advise and pitfalls of this.

Do i ned to use a different email, a different bank account ( always used my own account as a sole trader).

Is it better for my wife to open the account as most of the the things are hers anyway. (she has her own bank account)

Any help advise would be appreciated. 

[style_wise]

I recommend opening a new Personal Account and transfering any leftover stock over to it (now your personal items as the business has ceased). It's a bit of a pain, but nice to start fresh, and clearer for HMCR if they ever take a look.

Plus your wife definitely needs her own eBay account!

[papso22]

I suggest that both you and your wife open new private accounts, hers for her stuff, and yours for yours.  That's really to keep things straight if you end up on the annual reports to HMRC. 

I would get a new email address, a Gmail one is easy, and think about a second bank account to your normal personal one, just for ebay.  I have a second Halifax account attached to my personal ebay account and just use that for ebay sales.

Selling any left over stock on a private account could get very messy.

[suelel1968]

Hi, moldo @moldosgifts

You want to keep selling as a private seller! Thats not something we hear everyday!

You don't need a new /different bank accout. You do need another email address, however, most email providers have a way to add an extention to your existing address so that it looks different to ebay or whoever but mail turns up in the same account so you are not  monitoring two accounts. For example Molds@gxil.com become molds+ebay@gxil.com. It works just fine. The only slight niggle with it is you can't reply from the +eby account, which can confuse CS. If you are going to do it I would change your bus acc to +ebay and use the original for the new acc.

The only other niggle is ebay won't thank you for your loyalty anymore, you become a newbie. 

[technthread]

You need to register under a different email address but I believe you can use the same bank account as you have on the business account. 

From experience with a family member who had this happen and also reading these boards, the first hurdle of opening a fresh private account is sometimes eBay apply an account restriction within an hour of opening and you get the old ‘risk to the eBay community’ spiel. Hopefully that doesn’t happen but if it does you have to speak to a CS agent in Ireland to get it sorted. Not trying to fear monger and hopefully you don’t have this happen but if it does it can normally be resolved if you go about it the right way.

[moldosgifts]

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@suelel1968 wrote:

Hi, moldo @moldosgifts

You want to keep selling as a private seller! Thats not something we hear everyday!

You don't need a new /different bank accout. You do need another email address, however, most email providers have a way to add an extention to your existing address so that it looks different to ebay or whoever but mail turns up in the same account so you are not  monitoring two accounts. For example Molds@gxil.com become molds+ebay@gxil.com. It works just fine. The only slight niggle with it is you can't reply from the +eby account, which can confuse CS. If you are going to do it I would change your bus acc to +ebay and use the original for the new acc.

The only other niggle is ebay won't thank you for your loyalty anymore, you become a newbie. 

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I do but not my old stock that will be part of the closedown of my business so will have none left, my main query was the bank account if i can use the same account i have now that will be great. 

Email I have 5 already so will just use one of those.

[fatbobfan]

Clean break, 

Bank account and email not linked in anyway, will avoid any confusion in the future, speak to your current banker and hopefully they can make an easy process for you to show complete separation.

Good luck in the new job,

I know there is a lot of rage about SD on private, but it has its plus points as well