After forming a UK Limited Company the logical next step is to open up a business bank account. Whilst it isn’t a legal obligation for Limited Companies to have a bank account (after all some Limited Companies are dormant) not having a business bank account for a trading company is simply a non-starter.
Without a business bank account how will you ask customers and providers to make payment?
Without a business bank account how will you pay your staff and providers?
Without a business bank account how will you be able to accurately prepare accounts?
This is all fundamental stuff when it comes to running a business and whilst you think you may be able to get by with your personal account do you realistically think you will:
a) Get your customers and providers to pay money into a personal bank account?
b) Keep your own money and your businesses money completely separate?
c) Be able to decipher exactly what transactions in your account were business related and which were personal so that you can accurately file your end of year accounts?
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