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Business Bank Account

Business Banking Account

If you are a sole trader, you are not legally obliged to use a business bank account, and can instead use your existing personal bank account in your own name. However, the disadvantage of this is that you will have to go through all the transactions on your bank statements to identify which are business ones and which are personal so that you can account for all business income and expenses. A separate business bank account means additional bank fees and expenses, but it will help avoid problems in the longer term. If your business is a partnership or company, you must use a separate bank account for tax purposes.  

One of the new challenger banks may offer a more attractive option for you when opening a new business account than one of the more established banks.

If you need to bank cash regularly, you might need to check that your bank is not likely to close one or more of its branches near your business, to avoid having to travel a long distance to another branch.

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