Does my business need a business bank account?

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I’ve got a quick question relating to business bank accounts. All of the company formation sites seem to be really pushing opening a business bank account. I’m just wondering, do limited companies actually need a business bank account? Or is it simply recommended?

Thanks

Answers

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A business bank account is recommended but it’s not a legal requirement. It just makes it easier to manage income and expenditure and avoid muddling up business and personal transactions.

If you use a personal account for a limited company, it’s easier to miss things and it can be time-consuming to separate business and personal transactions when you’re doing your accounts and tax returns.

a year ago
 

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