Company Bank Account 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.
This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.