Business Bank Account
As a Sole Trader it is best practise to set-up a business bank account that is separate to your personal banking. This keeps your business affairs separate to your personal ones and ensures it is much easier to calculate your correct tax liability so you do not pay more than you actually owe.
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 Business 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.
123 Contracting have established a strong working partnership with HSBC bank, allowing us to open business bank accounts for you in a much faster manner.
There is no need to book an appointment to see a bank manager; you can simply fill out one form we provide you with to get your account set-up.
This saves you a great deal of time and stress.