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Company Bank Accounts
chrisb1357
Posts: 836 Forumite
Hi all,
As i am going self employed soon i wanted to know if i would be ok to use my Standard Lloydtsb Account for my business use. I have not used the account for sometime and it has a zero balance and no overdraft. All i need is a account to pay items in and to make payments from. I do not require credit. or would it be best to speak to the bank to get a new one.
Chris
As i am going self employed soon i wanted to know if i would be ok to use my Standard Lloydtsb Account for my business use. I have not used the account for sometime and it has a zero balance and no overdraft. All i need is a account to pay items in and to make payments from. I do not require credit. or would it be best to speak to the bank to get a new one.
Chris
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Comments
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There is no requirement to have something called a business bank account, but it is good practice to have a separate account for business use so that the money is kept separate from your own. If this ac!!!! is so far unused, then it seems ideal.£705,000 raised by client groups in the past 18 mths :beer:0
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You need a separate business account for tax purposes. You don't want the tax man to see everything from your personal account or explain things now would you?Kind Regards
Bill0 -
Can anyone recommend a bank then that offers a good free business bank account and one that does not give me credit etc as i do not require this
Chris0 -
chrisb1357 wrote: »Can anyone recommend a bank then that offers a good free business bank account and one that does not give me credit etc as i do not require this
Chris
I've also been looking for a business account. Take a look at Abbey - they're offering a free for life business account, paying 6% on balances up to £2500.
You have to apply by phone.0 -
Is it a company or a sole trader? You say "company" in your title but if you are intending to trade as a limited company, then you really do need a proper business account in the name of the limited company. You can only really use a second personal account if you're a sole trader.0
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It will be Sole Trader0
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You need a separate business account for tax purposes. You don't want the tax man to see everything from your personal account or explain things now would you?
No you dont need a separate business account
The only time a tax man would see what goes through an account would be if you had an inspection and chances are they would be inspecting youe personal stuff at the same time anyway.
However it is much easier to have an account just for business transactionsVuja De - the feeling you'll be here later0 -
No you dont need a separate business account
The only time a tax man would see what goes through an account would be if you had an inspection and chances are they would be inspecting youe personal stuff at the same time anyway.
However it is much easier to have an account just for business transactions
Sorry I thought it was a limited company that this applies to.Kind Regards
Bill0
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