P
Ponty Massive
Out of interest (Mainly for sole traders), do you use a business account or a private current account?
Discuss Business Bank Accounts in the Business Related area at ElectriciansForums.net
I should have added, its all well and good looking for the cheapest banking deal BUT think about the location and ease of access to the bank. I can walk to mine in about 7 minutes or park almost outside free.
"Free" banking with a bank, 1 hour away, when you have to pay for parking everytime you visit, isn't such a great idea.
You are only required to have a separate bank account for a limited company. However having said that HMRC do prefer a separate account for business.
If you have used your own money to buy goods from the business then you can claim it from the business and either withdraw the funds to compensate yourself or add it to the directors capital account.
I used a seperate personal current account, never had any problems, and never cost me a penny.
Business accounts can get expensive.
Cheers........Howard
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