Business Bank Account

Keltic_Warrior

Hello

I am about to start up a wee consulting business to make a bit of extra money at the weekends / evenings.

I want to keep everything seperate from my normal joint account so a new back account is in order.

Do I have to have a business account for this or can I open up a normal account ?

I will only be paying in one or two payments a month of about £1500 total.

easyhost

Keltic_Warrior wrote: »

Hello

I am about to start up a wee consulting business to make a bit of extra money at the weekends / evenings.

I want to keep everything seperate from my normal joint account so a new back account is in order.

Do I have to have a business account for this or can I open up a normal account ?

I will only be paying in one or two payments a month of about £1500 total.

You will need a business account as the funds will be business income and banks dont like you using a personal account for business banking.
I suggest you make an appointment with your banks local business manager and discuss with him about your plans, he will be able to guide you to the right bank account needed.

ElkyElky

easyhost wrote: »

I suggest you make an appointment with your banks local business manager and discuss with him about your plans, he will be able to guide you to the right bank account needed.

So much quicker just opening an account online. I opened a Santander business account online and was set up within a few days, didn't even have to provide evidence.

OP, Santander's business accounts are free provided you stick to the set monthly withdrawl/deposit limits. It's probably best you do open a business bank account as this will help keep your personal and bussiness finances seperate (managing them both in the same account gets tricky).

Also consider setting up a LTD company if you plan on taking out any loans, credit cards, business fuel cards etc etc as the company itself will be liable if you cannot pay, not you personally.