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Business Account - moving from Sole Trader to a Limited Company

sphorsey
Contributor

Business Account - moving from Sole Trader to a Limited Company

Hi,

My son is a UK sole trader with a PayPal business account that he uses for both his business and personal purposes.

He has recently created a Limited company and his accountant has advised setting up a fresh PayPal business account linked to his new business bank account. This is to separate the company trading transactions from any personal transactions for HMRC purposes from the day that he starts trading as a limited company.

I understand that you can only have one PayPal business account so can anyone advise how he might go about this please? He would like to retain the original account for personal PayPal use and also, if possible, the email attached to the existing account to be the email on the new limited company business account to provide some continuity for his business customers.

Thanks  

1 REPLY 1
kernowlass
Esteemed Advisor

Re: Business Account - moving from Sole Trader to a Limited Company

@sphorsey 

 

There is no automatic way to downgrade a business account to a personal account, you have to contact customer services and they will do that for you.

Click help / contact bottom left of Paypal pages for options available for your country.

Or have you considered contacting Customer Service via Facebook or Twitter?
You can send them a personal message from their facebook or twitter pages.
It's: https://www.facebook.com/PayPal and @AskPayPal for Twitter.
OR
You could just close your business account (removing all subscriptions / financial info etc first) and open a personal one.






Advice is voluntary.
Kudos / Solution appreciated.