YOU CAN BANK ON IT
We all remember our first time. It was 1989, I was eighteen, and I couldn’t believe what I was holding in my hands. (It was a postal order for £3.50, in case you were wondering.)
That was the payment for my first published piece – a word search puzzle. Little did I know then how that would be the first of many, many more payments.
But even then, I knew it would be sensible to keep this income separate from my personal income. What I needed was a separate bank account for my writing business.
Business legalities
If you establish a limited company or a partnership in the UK, then you are creating a new legal identity. By law, any such business must have a separate bank account in that same name.
However, as writers that’s way beyond the realms of most of us. Limited companies may be the way some writers go, but that’s for highly successful creatives like JK Rowling.
