smallbusiness.co.uk: Helping your business think big

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Q: I’m a 17-year-old website designer and want to know if I need to register as self-employed. If so, do I need a business bank account or can I use a standard one?

Nov 06 2008

Answered by: Ashley de Safrin Ask a question

You should register as self employed with HMRC for tax purposes. It is also wise to have a separate bank account. This will help you separate your personal and business expenditure and help you work out if your business is making a profit or not.

You won’t need to have full blown accounts as a sole trader but you will need a statement of accounts which looks at what you have spent and what income you have made.

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