How do I take money out of a business bank account?

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I’ve been advised to set up a business bank account for my new limited by shares company. Problem is, I’ve got no clue how to do it. Could someone please help me out with a brief guide about setting up an account and how I go about taking money out? Would really appreciate it.

Jeff Falkenstein

Answers

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Hi Jeff,

It’s just like opening a personal current account, except it will be in your company name rather than your own name. You will require completing an application with the bank of your choice. The bank will ask for copies of your company formation documents as well as photographic ID and proof of UK address for at least one director and anyone else who will be authorised to access the account. You can complete an application online, over the phone or in your nearest branch.

Once your account has been set up, you will receive a bank card. You may also receive a chequebook and giro book. You can take money out of your account whenever you like as long as it is for business purposes - you can’t just take money out for yourself unless it’s recorded in the accounts as a salary, dividend or director’s loan. So you can pay for items with the debit card, write cheques and take money out of a cash machine. Remember to keep a receipt/record of everything that goes through the bank account.

I hope this helps.

a year ago
 

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