If you’ve just set up your Limited Company then one of the first things
you need to do is open a Company bank account. As a Limited Company is a
separate legal entity to you, you can not use your own personal current
account to pay in money from clients.
Along with your business current account for every day trading we also advise that you should set-up a business savings account.
This allows you to transfer the amount of money you will need to pay to the tax man each month for safe keeping – it means you have the money to pay your tax liability when it becomes due – less stress than having to find it at short notice. It also means you can earn interest on your tax money for the entire time before it needs to be paid to HMRC.
Our bookkeeping system tells you exactly how much Corporation Tax and VAT you will owe for each month, so at the end of the month you know how much to transfer to your business savings account.