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Second bank account

fabrice1 · 04/19/2010

Hi,<br /> <br /> I'm starting a self-employed web design business and I wish to have a bank account dedicated to this business. However I'm not sure if I need a business account (carrying the name of my business) or a normal account (carrying my own name).<br /> <br /> Any advice ?

fabrice1

19 April 2010 20:01

Hi,

I'm starting a self-employed web design business and I wish to have a bank account dedicated to this business. However I'm not sure if I need a business account (carrying the name of my business) or a normal account (carrying my own name).

Any advice ?

Hartley 21 April 2010 09:16

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.
howinfo 24 April 2010 03:09

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.
fabrice1 27 May 2010 17:35

I did as u said and took a personal bank account. Thanks for the responses!
seven21 7 June 2010 06:48

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.