Opening a bank account for a trust with a trading name

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In this article, we look at the business banking options you have, depending on whether you are a sole trader self employedor operating via a limited company. Do I need a separate business account? If you are running an incorporated business a limited company or LLPthen you must set up a dedicated bank account as your personal and business finances are separate legal entities. As a sole trader or if you are in a partnershipyour personal and business income are treated as one for tax purposes.

There is no legal obligation to set up a separate account for any business income, although the terms and conditions for your current account may restrict its use for business purposes. Having distinct bank accounts will make it easier to compile your accounts.

Some banks will not allow you to use your personal account for business purposes. Most of the high street banks offer 12 to 24 months completely free banking see some examples belowso there will be no transaction charges until this initial period comes to an end. Many self employed people trade under a business name. If you have your own business account, it will give you an accurate impression of business cash flow, income and expenditure.

If you intend to receive credit or debit card payments for your business, you will definitely need a separate merchant account. You may also be offered useful software and support services. So, overall, many self employed people will benefit from having a separate business account, even though you are not legally bound to do so.

You can find out more about your options in our dedicated business banking section. The award winning Cashplus Business Account is specifically tailored to the needs of start-ups and small businesses. Find out moreor Apply Now Self Employed Essentials 5 things you must do when you go self employed What is a sole trader? How to register as self employed What taxes do sole traders have to pay?

The advantages of running a limited company SUaC: Self Employed Popular Guides How to choose the best online accounting software for your business 15 Questions you need to ask an accountant before you hire them How to finance your new business Making your small business a BIG hit online What types of business insurance must you have?

Self Employed 10 ways small business owners can pay less tax The secrets of getting a business bank loan Professional Indemnity insurance — What you need to know before buying cover How to attract customers from heaven — not clients from hell! Bookkeeping for new business owners SUaC: Content strictly protected by Copyscape. How to set up and run a small business. As a sole trader, do I need a separate business bank account?

Why have a separate business bank account? Find out moreor Apply Now. Self Employed Essentials 5 things you must do when you go self employed What is a sole trader? The advantages of running a limited company. Form a Limited Company Online Service. How to choose the best online accounting software for your business 15 Questions you need to ask an accountant before you hire them How to finance your new business Making your small business a BIG hit online What types of business insurance must you have?

Bookkeeping for new business owners.

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