Business Bank Account for contracting

k8nok

Hi,
I am about to leave my full-time employed job and start contracting.

I therefore have been advised to set up as a limited company but I do not really have any idea about this and wanted to get some advice from my favourite money saving website ;-)

Unfortunately I can't really find any information about this and more specifically, I can't find anything about the best business bank accounts. Can anyone with more experience in this field help me? What business bank accounts are the best for someone in my situation - a limited company for one!

Thanks

skyrider007

Before you start thinking about a business bank account, may I suggest you read this article first: http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073865436 .

avantra

see here: http://forums.moneysavingexpert.com/showthread.html?t=806087

AuxArmes

A very popular choice amongst IT contractors is Cater Allen's Reserve Account:

http://www.caterallen.co.uk/BusinessBanking/AccountDetails.aspx?pid=43

I use this account and I would say a significant number of my colleagues do too.

Your accountant may be able to get a better deal with them for you - a lot of them act as introducers for Cater Allen and can get special deals like a waiving of the minimum deposit.

Quick edit - get an accountant ASAP! The government tries to make things as hard as possible so you need professional advice.

[Deleted User]

You don't have to use a limited company to go into contracting. I'm not an expert but others, or an accountant, will be able to set out the pros and cons. If you don't go the limited route, a personal bank account should suffice.