What if I don't want a business bank account?

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Hello,

I am going to incorporate a limited by shares company in London. I am not really keen on opening a business bank account, as I’m hoping to keep things relatively quiet. Is that allowed to forgo a business account?

Thanks.

Answers

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You don’t have to open a business bank account if you don’t want to but I wouldn’t advise using your personal bank account for your limited company for a number of reasons:

  • Harder to keep track of your business finances
  • Makes it difficult to know how much money is yours and how much belongs to the company
  • Complicates your accounting
  • It’s not professional
  • Lacks credibility and legitimacy - Customers may not be comfortable paying money for services or product to a personal bank account

It is very easy to open a business bank account so I would suggest looking into it before you start trading. There are lots of good deals available, some of which offer free banking and various perks. Check out the comparison sites to see what’s on offer.

a year ago
 

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