Should I Open A Business Bank Account? - Page 3
Business bank account charges can be an issue, but currently in the UK there are a number of banks, particularly those operating online accounts, that will let you bank for free.
There are usually conditions however, namely encouraging you to get as many of your transactions made by direct transfer (BACS, D/D etc.) as possible. It is really just a matter of shopping around for the best deal.
Please don't feel that you have to use the same bank as the one that runs your personal account. It is worth investigating if they will let you have a special deal but don't feel beholden to take it. Competition is rife in the banking industry and with a little persistence you should be able to secure a favourable deal.
A final word, if you do opt to open a separate bank account, then please make sure you put all business items through it. It is easy to pay for an item out of your personal account and then forget to allocate it to business expenditure.
Don't forget that the item will more than likely be tax deductible and you want to make sure it is included in the accounts for your business.
"
"
Read our disclaimer regarding legal liability
Powered by Movable Type 3.2
