It’s not a legal requirement to have a separate bank account from your personal banking, but it will make it much, much easier to manage your finances, as you won’t need to separate out your personal and business expenses.
If you want to take money from the business for personal expenses, move the money from your business to your personal account, and then make the purchase from there.
Keeping a strict line between these two accounts will make your life much easier and avoid any confusion for you, your bookkeeper or HMRC.
Some banks may ask for your registration letter from HMRC to open a separate account.
Important: if you have also protected your company name at Companies House you must set up your bank account in your personal name and not the LTD company name.
LTD bank accounts are only for companies trading as a LTD structure. We can set up a bank account for your business instantly if required, helping you avoid the long delays some people experience with high street banks.
