TSB Bank Account Review

[StealthHarry]

Hello all, I received a letter from TSB they said to call them or face account closure

My set up is Halifax Saver —-> Transfer to TSB Current account that has ATM card and withdraw

I called and they asked me a few questions regarding where my earnings come from I said eBay

The agent just said they need to know where the moneys coming from in case it gets flagged by FSCS (that’s what I was told)

He also mentioned that it’s a personal account and has a lot of transactions going through it so it might need upgrading to a business account

Anyone have any experience / advise, I’m hoping they’ll let it slide - worst case don’t want a full review etc

Thank you

[LOMBOK]

It won't go away. You need to take responsibility now and act on what they want you to do.

They see the number of transactions and the type and are not making anything out of it. You've told them the truth. They want their share. Simple as that.

Go and see them and sort it out before it's too late. And be careful with Halifax too.

[StealthHarry]

Ok thanks do you guys register a company or do a self assessment

Thanks

[StealthHarry]

This was something I wanted to do earlier on in the year covid did mess those plans up

I did speak with the accountant

He told me self assessment is when income is £20k

If it’s more then a ltd company has to be set up

In my case it’s more should I set up a ltd company thanks

[StealthHarry]

Thank you this is long overdue will sort it ASAP

Thank you tinsoldier and Lombok

Originally Posted by tinsoldier

IMO they won't let it slide. I can see them asking you to upgrade it to a business account or they'll close it.

Clearly its got nothing to do with the FSCS but if they are implying that they're considering handing your data over to one of the regulatory bodies, maybe under the guise of money laundering, then you need to act responsibly.

Lets be honest here, I'm guessing that your activity is not above board, you're not declaring the income to HMRC etc so you'd be a fool to close your eyes and hope it goes away.

[StealthHarry]

Thank you I did suspect that

And thanks again tinsoldier I know we’ve had the odd heated argument here and there

But I’m grateful for the advise you gave me

[StealthHarry]

Also, what should my first steps be. I’ve genuinely been wanting to pay taxes for ages but have never got the “right footing” so to speak to do so

Either a idiot accountant or a stupid friend giving me idiotic advice on not paying etc

How do I declare this to HMRC via a website or should I just go to an accountant and ask them to do the self assessment. Also, I don’t get any supplier invoices for my products they come from China and I just take them from a wholesaler here

Regarding the bank - do you recommend me to go in branch to speak further about this

I have no stealths attached to TSB it’s just transfers I’ve been doing to that account just to withdraw cash - the stealth money is made from savers Halifax RBS and NatWest.

Also, what’s the difference between a business account and a personal account - I can’t justify upgrading personally unless there’s a issue with the amount of transactions

Example I’d transfer from Savers £20 every day to my TSB to pay for general expenses - this might have caused the issue as I don’t transfer a £150 a week to that account and then spend

[StealthHarry]

Thank you for the great advise

[rsot]

Originally Posted by StealthHarry

Thank you for the great advise

Best of luck StealthHarry

[ilianpinpin]

Just upgrade to business account

[LOMBOK]

Originally Posted by StealthHarry

Thank you for the great advise

Let us know the outcome.