Hi Folks,just looking for some advice.
I traded as a sole trader for 13 years and ceased trading in June last year.During that time we did have an overdraft of €5000. Our bankers UB encouraged us to take a loan to clear the OD.
Our current situation is that there is approx €1000 balance on the loan.Because of that they will not allow us to change our A/C to a personal a/c.As result we as paying business fees instead of personal fees.When I say we, I mean my wife and myself.We have asked UB to change to a personal a/c but they refuse because of the outstanding loan balance.
My question is are they entitled to keep our a/c as a business a/c rather than a personal a/c? Since finishing trading' I am working as a cleaner and paying all required deductions.
Hope I have made my position clear and thank You in advance for any advice.
I traded as a sole trader for 13 years and ceased trading in June last year.During that time we did have an overdraft of €5000. Our bankers UB encouraged us to take a loan to clear the OD.
Our current situation is that there is approx €1000 balance on the loan.Because of that they will not allow us to change our A/C to a personal a/c.As result we as paying business fees instead of personal fees.When I say we, I mean my wife and myself.We have asked UB to change to a personal a/c but they refuse because of the outstanding loan balance.
My question is are they entitled to keep our a/c as a business a/c rather than a personal a/c? Since finishing trading' I am working as a cleaner and paying all required deductions.
Hope I have made my position clear and thank You in advance for any advice.