Does the thought of having a business bank account for your writing business fill you with a fear of transaction charges and monthly fees? Well, fear no more, for it’s not like that, as I discovered over the last twelve months.
If you’re selling the occasional article, poem, or short story, or you’re in the process of self-publishing your first book, your writing might not feel like a business. However, if you’re generating an income and incurring expenses, no matter how small, then it is a business and the sooner you treat it as such, the better.
As we approach the start of a new financial year, now is the perfect time to review the bank account set-up for your writing business. Having a separate bank account for any writing income and expenses makes sense. Not only does it make completing your annual tax return simpler because everything is in one place, His Majesty’s Revenue and Customs prefer it, too.
Mixing your personal and business expenditure in one
