Hi Lisa and Welcome to A1
As for a choice of business bank, always found Lloyds TSB very helpful and they have again won the best business bank award this year.
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Do I need any sort of business licence for operating an online business and also any information regarding tax would be much appreciated.
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You do no need a license to run a business as such, but there may be legal requirements on what you plan to sell, rather than me waffle through those, perhaps you can say what you are going to be selling, o be able to give an answer appropriate to you.
Tax, well keep records and receipts of everything you spend and money in. As a sole trader you will still have your tax free allowance of £5,430 per annum, but you will need to take account of any benefits you are currently receiving into that. (This is assuming you are on a standard tax code) and is advisable to contact your local tax office (who are usually very friendly) to inform them of what you are doing.
Look forward to hearing more from you and do yell if you have more questions.
All my best
IP2