Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 2nd June 2015
Choosing the right business bank account is crucial and it is vital to do some research into which one is best for your company.
There is a wide variety of accounts to pick from and many of the key high-street banks can offer some form of business accounts.
The most basic account will provide the ability to pay in and write cheques, but it may be worth looking at the other options and facilities – these can include overdrafts, fee-free transactions and online account access.
If your company is not a sole trader that it is required that you have a separate business account and it will of course make the day-to-day running of your business a lot easier to track.
Many people opt to open a bank account with the same institution that they use for their personal banking, but this many not always be the most suitable, so undertake some research into what other banks can provide.
It may make sense to go for a business bank account that comes with a specialist adviser who can be contacted for advice – especially if you have a particularly complicated set-up and feel you will require someone you will be able to provide information and guidance.
If you do a lot of business abroad or deal with companies overseas, then it may be worth ensuring your business account will be able to deal with foreign currency or capable of providing support out of normal office hours.
The major difference between personal and business accounts is that there are often changes for the majority of transactions and there can also be monthly fees to pay. You need to be aware that transferring money or withdrawing funds will be subjected to such fees, especially if carried out in branches rather than online.
A number of banks will offer a fee-free introductory period and that can offer a value-for-money option – although make sure you are aware of the costs involved once the offer rate comes to end.
Think long-term – you need to make sure any bank account you sign up to will be able to support the expansion and growth of your company over the coming years. If you feel your business bank account is no longer working for you then it may be time to switch.
This can seem daunting, but it can actually be a relatively straightforward process and could help you to save money.
Remember to look around on a regular basis and it could be worth talking to your existing bank to see if they can offer more attractive charges or rates rather than letting you take your business elsewhere.
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