I’m completely new to this and wondered, I need to open a separate bank account to sell on amazon, can I do this via a current account or does it need to be a business account?
If business account I need to register with HMRC but unless I actually make any money it seems a little ott?
HMRC rules stipulate that you must register as a sole trader if you meet any of the following criteria: selling goods that were bought with the intention of reselling, selling items that you made yourself for a profit , selling or buying on behalf of others for financial gain, or receiving payment for a service.
If you’re just starting out on Amazon, you can use a personal current account to receive payments. It’s not necessary to have a separate business account right away. However, if your Amazon business grows and you start making significant income, it might be a good idea to consider opening a business account and registering with HMRC. Start small and see how things go.
If you’re buying to sell for a profit, Amazon UK requires that you register as a business from day 1. If you don’t, you are liable to be suspended and if you have stock at FBA, to lose all your stock.