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Yes, if you run a limited company in the UK, you will require a business current account by law, also known as a business bank account. It works very similar to a personal account and allows you to separate your payments and expenses quickly and easily, which is essential when completing your tax return with the HMRC.
If you are self-employed or a sole trader, it is not a legal requirement, but can provide more resources and tools than a standard personal account.
There are several other benefits, such as company credit cards, access to bank managers and it looks more professional when invoicing from a business account too.
You receive the same perks of a personal account such as a debit or credit card, online banking, bank transfers and cheque book.
In addition, a business current account gives you:
Depending on the bank account, you may have access to an overdraft facility which you can use to help your cash flow and stay on top of your finances.
A business current account is usually around £5 or £6 but there are free accounts available if you take advantage of introductory offers, available from My Financial Broker.
It is possible to apply for a business current account with no fees for the first 12 or 24 months, provided that you meet the criteria such as making a minimum contribution into the account each month of £200 or £500 and if you have a turnover of less than £2 million.
If you cannot make the minimum contribution, you may be charged a monthly account fee.
You can compare business current accounts using our featured table and click through to the bank provider of your choice to apply. You can make an online application and provide the following information:
Depending on the current account you have selected, you could be approved online and your account can be activated in less than 24 hours. Some current accounts require you to visit your local bank branch and provide further proof of verification. It is common to have your current account up and running in 7 days or less.
At My Financial Broker, we have scoured the market to find the best business current account deals available. There are no fees for applying and comparing products through our website. We offer a range of current accounts to help you find one according to your requirements and grow your business successfully.Apply Now