It is not a legal requirement to keep your business money separate from your personal money, but it is advisable and  will make your life so much simpler, with much less admin work.

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Reasons to keep separate bank accounts

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• Keep business and personal transactions separate and have a clear picture of how your business is really doing.

• You have a clear understanding of your business cashflow.

• If kept separate you can use your bank statement to highlight and record of all your business transactions.

• Your yearend self-assessment is quicker and easier when records are clear.

• You can pay yourself a “wage” by way of a bank transfer from the business account to your personal bank account.  These are called drawings.

• It looks professional to your customers. Builds credibility for your business

• Bank transfers are cheaper than taking card payments

• It can build your business credit score, handy if you need to take out a business loan in the future.

• Bank integration to cloud software makes it easier to reconcile your business transactions for your bookkeeping. Never miss anything.

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