Millward, May & Co - Wokingham Accountants
Wokingham Accountants


Questions & Answers

Normal current account for your business

Neil F: Has anyone just used a normal current account for their business and had any issues?

Millward May: The banks do charge a monthly fee in the region of £6/£7 if you set up a business account so a lot of people use their personal bank account instead.

A sole trader is technically trading as themselves so they are entitled to trade using a personal bank account. However, the banks definitely frown upon using your current account purely for business use but I have never heard of a bank taking any action.

A limited company business must have a business bank account in the company name though - a personal account can’t be used.

Millward, May & Co