Business Bank Account For Sole Trader

If you ve recently started trading or you re switching from one business bank account to another many providers offer a sweetener in the form of free business banking for a limited period.

Business bank account for sole trader. As one of the biggest banks in the uk this bank has accounts in all shapes and sizes with something for every kind of business ranging from sole traders to global corporations. A sole trader and their business are considered one entity therefore legally you don t need to have a business account. If you re a sole trader or limited company with no other directors or shareholders and have had a personal or business product or account with us for at least 6 months you may be able to open your account over the phone.

The 10 gst you collect is reported to the ato through your business activity statement bas where it can be offset against any gst you incur in your business. Company bug newsletter keep up to date with small business news and guides by signing up to the company bug newsletter. Uk business bank account providers require a basic set of information to set up your business current account.

A sole trader is not legally separate from their business so a separate business bank account is not a legal requirement. To help you understand your duties and to get your book keeping done painlessly here s the low down on setting up your sole trader accounts. More on business banking and sole trader accounts and bookkeeping.

Set up a bank account. However it s highly recommended that you create a business account and keep your personal account separate as it will be easier to deal with your business finances. It s not compulsory to have a business bank account as a sole trader but it s a good idea to separate your personal financial affairs from your business ones.

Santander s business bank accounts can be managed online and accessed either through their atms or through post office branches. Here we ve rounded up the leading business bank accounts for sole traders and limited companies with no minimum annual turnover requirements. Open a separate bank account.

Sole trader bank accounts generally involve different perks to personal bank accounts. Whilst the latter may offer vouchers or cash back offers the perks of sole trader bank accounts revolve more around access to a business bank manager free business advice and discounts on business products and services such as online accounting software.