Do I need a separate business bank account?
If you're running a limited company, you'll need a separate business bank account as the company is its own legal entity, and its finances must be kept separate from the business owner or director.
While you're not legally required to have a business bank account as a sole trader, there are benefits to doing so. For instance, it enables you to keep your business finances separate, and your business accounting records organised.
If you’re running a limited company, you’ll need a separate business bank account as the company is its own legal entity, and its finances must be kept separate from the business owner or director.
While you’re not legally required to have a business bank account as a sole trader, there are benefits to doing so. For instance, it enables you to keep your business finances separate, and your business accounting records organised.
Free business accounting consultation to discus business bank accounts.
Use our limited company take home pay calculator to instantly determine your net income after corporation tax, dividend tax, and National Insurance contributions. Simply input your company profits and desired salary/dividend split to see exactly how much you'll receive as a director, helping you optimise your tax-efficient extraction strategy.
We signed up to a range of business banking providers so you don't have to. Check out our guide to find out which ones we preferred.
