Set up small business - currently self employed?

orangeslimes

FatAndy wrote: »

From a practical point of view it would be better to have a seperate business account because it will make it much easier to analyse your business expenditure when you come to do your tax return. If you're going to employ an accountant it will make things much easier for them, which means it will take them less time and theoretically they'll charge you less.

On the downside if you open a business account you're liable to get charged for anything and everything by the bank.

You might be able to get away with a separate 'personal' account as a sole trader to avoid bank charges...but if you want people to be able to pay you cheques etc addressed to your business name and not yourself as an individual you will need a business account with that name.

But like has been said don't open a limited company bank account without knowing what you are doing.
Speak to an accountant (or more than one) first.
If you start a limited company you CANNOT use your personal bank account and you need to separate all the money for the company. You also cannot spend any money you earn through the company as you please - a LTD company is a separate legal entity to you. This doesn't sound like it is what you want from what you have said.

If you want to make sure no one else can use the same name then you can set up a dormant company - i.e. if you want to trade as 'Best tree sellers' you can set up a ltd company called 'Best Tree Sellers ltd' so that you own the name and can possibly use it in future, but you don't trade under the name