If you are starting a new company, it's best to open a business bank account right away. However, we know the questions you’ll be asking yourself are: what kind of business bank account should you get and how do you go about choosing the right one? There are plenty of options available when it comes to opening a new business bank account in the UK but not all of them will be suitable for every type or size of business.
Business bank account in UK
Getting a business bank account in the UK is a vital part of opening and running a UK business. What is a business bank account? A business bank account is an account held by a company and not an individual. They can also be called corporate accounts depending on the type of business that you’re running.
Why should you have a business bank account, why won’t a personal account do? You should have a separate business bank account in order to keep your finances separate from your personal finances so that you do not mix them up while making payments, which may result in problems later on when it comes to things like doing your tax returns, as well as other financial matters like claiming back money if something goes wrong with one of the businesses’ suppliers/clients.
There are many benefits associated with having a separate bank account for running your own business including:
- The ability to make more efficient use of funds since these can easily be tracked;
- Having better control over company finances because they will only be accessed by those who have been authorised by senior management; and
- Potential gains from tax breaks when using certain types of accounts (e.g. ISA).
Laine Redpath
Best business bank accounts for new companies
If you are a new company, then it is important to understand that there are several things to do before opening your business bank account. If you want to open a business bank account for new companies, then the best way would be to go through our list of top banks and find one that fits your requirements perfectly. There are many benefits of having a business bank account for new companies, and this will help you in managing all your financial transactions with ease.
Open a business account with wamo in 10 minutes
If you want to open a business and have a business account in UK and do both those things in one place simultaneously (ideal!), why not try wamo. Non-residenst and residents to t8he UK alike can register a new company from the wamo app - your company will be registered with Companies House - and then go on to open a wamo business account. Do this all easily and quickly without all the hassle and paperwork. If you have any questions about company formation or anything else related to starting up a company in the UK, please don't hesitate to get in touch with us through Chat on the website or at support@wamo.io
