Sole Trader 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.

As a sole trader it is best practice 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.

For further help, or to enquire about joining our services, please call us on 0845 834 0264 or drop us an email at info@cmjaccountancy.co.uk.

Disclaimer

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.