Second bank account

Have you set up a limited company or are you just acting as a sole trader?

If just a sole trader then you don't have that separate legal entity to consider and you could just carry on using your own personal account so long as you can clearly account for what sums going in and out relate to your business for tax purposes. Some set up a different account just so it's easy to identify these figures.

There is lot of extra charges associated with business bank account, every time you make a transaction you get charged. If you are not planning to move big amounts of money in and out you will be perfectly alright whit regular bank account.

I did as u said and took a personal bank account. Thanks for the responses!

Hi,

I would recommend setting up a business account even though you are a sole trader. It makes life so much more straight forward to separate personal finances with business finances. Natwest I think are currently offering a free business account for the 1st 2 years. hope that helps...

Oh and you may have a client pay by cheque and more often that not, they will automatically make it payable to the company name. this will save you having to go back and ask for it to be re written.