By Ben Lobel on Small Business – Advice and Ideas for UK Small Businesses and SMEs

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Compare the UK’s top business bank accounts from the high street to the alternatives
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Choosing the right kind of banking service is a major opportunity to get your business basics right from the beginning. While it may be inconvenient to maintain a separate account for both your personal and business activities, it is good practice to do so to keep your accounts clean. Here, we’ll look at how to go about opening a business bank account in the UK and what options are

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By Ben Lobel on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Compare Business Bank Account Deals
Compare the UK’s top business bank accounts from the high street to the alternatives
1. What type of business bank account are you interested in?

New Business / Startup Account

Switching Bank Account

Account With No Credit Checks

Unsure (Show me everything)

Powered By NerdWallet

Choosing the right kind of banking service is a major opportunity to get your business basics right from the beginning. While it may be inconvenient to maintain a separate account for both your personal and business activities, it is good practice to do so to keep your accounts clean. Here, we’ll look at how to go about opening a business bank account in the UK and what options are

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By Mike Conroy on Small Business – Advice and Ideas for UK Small Businesses and SMEs
If you are considering entering bankruptcy, it’s important that you take professional advice before doing so, as going bankrupt can have serious effects on you and your business depending on your individual circumstances.
Any businesses concerned about cash flow issues should speak to their financing provider as soon as possible to discuss what products and support may be available. These options may vary depending on your circumstances, but could include applying for or extending an overdraft, a working capital loan or other sources of finance such as invoice finance.
Can I run a business while bankrupt?
When you are subject to a bankruptcy order, there will be restrictions placed on you until you are discharged from bankruptcy. These restrictions depend on whether you’re a sole trader or have a limited company.
As an undischarged bankrupt (when your bankruptcy is still ongoing), you are not allowed to act as a company director. If you’re the sole director, personal bankruptcy can result in your company being liquidated.
>See also: Half a million businesses at risk of collapse without more support
Bankruptcy doesn’t have the same impact on sole traders. You can continue trading

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Originally written by Ben Lobel on Small Business
While it may be tempting to start your new business venture without looking at the need for a bank account dedicated to your business activity, this might not be the smartest of choices.
As your business grows and expands, it’s extremely important to separate your business finances from your personal, day-to-day living.
New start-ups and part-time business owners have a habit of co-mingling their finances with their personal money, and while it may be the easiest, most convenient and cheapest way of operating, it can have its drawbacks – especially further down the line.
Any prospective business owner should treat their business as a business, regardless of whether it’s a part-time venture or not; while setting up a separate business bank account means additional bank fees and expenses, you are also storing up a lot of hassle for yourself in the future.
Many people already in business will vouch that keeping your business spending separate to your personal account ensures better manageability.
And while many business current accounts available charge you for their services, there are others that waiver the charge as long as you pay in more than a certain amount each month.
Make sure that you shop

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Originally written by Ben Lobel on Small Business
While it may be tempting to start your new business venture without looking at the need for a bank account dedicated to your business activity, this might not be the smartest of choices.
As your business grows and expands, it’s extremely important to separate your business finances from your personal, day-to-day living.
New start-ups and part-time business owners have a habit of co-mingling their finances with their personal money, and while it may be the easiest, most convenient and cheapest way of operating, it can have its drawbacks – especially further down the line.
Any prospective business owner should treat their business as a business, regardless of whether it’s a part-time venture or not; while setting up a separate business bank account means additional bank fees and expenses, you are also storing up a lot of hassle for yourself in the future.
Many people already in business will vouch that keeping your business spending separate to your personal account ensures better manageability.
And while many business current accounts available charge you for their services, there are others that waiver the charge as long as you pay in more than a certain amount each month.
Make sure that you shop

Read more...

Originally written by James Trowell on Small Business
Q: Should I use a personal bank account for my small business?
A: The short answer is no – but you’re not alone if you do. We conducted a survey earlier this year and found that 63pc of sole traders are using a personal account to pay for everything. Business, pleasure, household bills and everything else in between.
This might feel like an easy option for the busy, fast-paced life of a small business owner, but it doesn’t serve you or your business very well. One bank statement. One never-ending list of transactions. It’s likely to create a financially unstable solution to managing your money because you’ll never really know where you stand.
It’s a little different if you’re operating as a limited company. While it’s not strictly a legal requirement to have a dedicated business account it’s strongly advised. As your limited company is a separate legal entity, technically its money doesn’t belong to you and so needs to be separated from your own finances.
Here are some reasons why keeping your business and personal finances separate is a good idea:
Save time and money when it comes to your tax return
If you’re self-employed you can claim

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