I was pretty miffed to get a message out of the blue, saying it looks like your using your account for business, if you continue we could close your account !!!
I no way or form am I using my account for business, i am trying to find out exactly what makes monzo think this, but not had a reply yet.
anyone else had this ?
Multiple individual transactions possibly initiated this.
Do you receive regular transfers from outside of Monzo with references other than usual key words like rent or bills or food?
The only thing I have been doing is selling a lot of my old camera equipment and some old computer stuff on eBay, having a clear out. ! which comes in with a weird payment name - Adyen N.V Ebay
Thereâs your answer then, they think youâre potentially using as a traders account hence the flag.
Thereâs nothing to be worried about then 
Iâm sure that once you show them theyâll be satisfied.
not in the same day , prob 15 transactions over 2 months. 
Thatâs significant.
1 or two a month most likely wouldnât flinch, but does seem business like to me 
When you say âI was having a clearout on eBayâ then thatâs likely to be the end of it.
Monzo will more than likely use HMRCâs âbadges of tradeâ to make a decision whether they think you are using your account for business. These are:
- Profit-seeking motive
- The number of transactions
- The nature of the asset
- Existence of similar trading transactions or interests
- Changes to the asset
- The way sale is made
- The source of finance
- Time between purchase and sale
- Method of acquisition
You are currently triggering a number of these, inadvertently.
Expensive? I can imagine selling a bunch of decent quality old lens may bring in enough coin that it could look like trading.
As long as youâre not using the proceeds to buy more items to sell on, you should hopefully be able to satisfy Monzo.
Though, I think that if you make enough profit from your selling, you may still have to declare your sales and pay capital gains tax, even if youâre not a business.
Im a little confused where the line is drawn here, I have brought the odd bargain on eBay to have a play with it, then resell a month after, sometimes making a bit of money.
Is this a business? I wouldnât say so.
I would say you should be okay if its a rare occasion. Not making huge profits ect.
If you are buying and selling frequently then this could be seen as business material which is against the personal account t&Câs.
I am not making profits here, its old stuff so sold at a loss, most stuff goes for 50 to 75% of its new value.
If businesses were only based on making profit there would be far fewer business than now!!
Youâll be fine if itâs just eBay. Just explain.
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