Ed 209 | 08-30-2021 05:28 AM | 2 accounts, one restricted - What to do next? Hi,
I have two personal accounts which I use for business selling.
Account 1) ~1200 feedback, registered 2001. Has been restricted from selling due to going over £85k in less than 12 months.
Account 2) ~700 feedback, registered 2010. Is within the limits currently.
They are both currently linked to the same business bank account (Ltd Company) and I'd like to keep it this way for accounting reasons.
I have a few questions:
A) If I upgraded Account 1 to business, would it risk Account 2 being restricted?
B) Will I ever be able to sell again from account 1 when the sales within 12 months drops below £85k? If I could sell again I guess it would make sense to keep it personal and make a new business account. If not I'd upgrade providing it keeps Account 2 OK.
What would you do in my situation? Should I just make more personal accounts? Make a new business account? Convert the existing or something else?
I will be registering for VAT fairly soon (the current sales have been over different entities which has kept it below the threshold), not sure whether that has any bearing on using personal accounts as the payments are into a business bank account and not my name.
Thanks |