Guide about Sole trader bank accounts in London
by Vidit Agarwal Marketing DirectorBusiness bank account is the best way to keep records of finance and business transactions. Business bank account helps us to easily track the expenses and manage employee payments. We can receive, deposit and withdraw payments whenever we like following a planned budget. Also while developing a business plan it is important to consider accounting and finance related issues.
Start working as a sole trader in the UK you need to notify HMRC. You are classified as a sole trader if you are running your own business in the UK but have not combined with a limited company.
Starting as a sole trader in London is the easiest and quickest way to start a business. First, you need to register as a self-employed with HMRC and file a self-assessment tax return annually. Every new sole trader business is taking on some financial responsibilities. Need to deal with invoices and file your income and tax with HMRC. Opening a bank account is a priority of the sole trader in the UK.
Sole trader bank accounts explained
Sole trader should use dedicated business bank accounts that will help you to track cash flow and makes annual tax return filing easier. You can also use your personal account for your business, but it will be very difficult for you in the long run.
The sole trader wants to open a bank account, you need to classified as a sole trader in the UK. The bank account if a sole trader depends upon the structure of your business. A sole trader work single handed if required can hire staff.
What are the sole trader bank accounts?
Sole trader bank accounts are similar to business bank accounts. High-street banks in the UK. Most specialist business banks give offers to the sole trader and they offer services in the same way to a personal current account. Many of the business banks provide business Cheque book, a debit and credit card, online and telephone banking, as well as overdraft facilities.
Documents required for Sole Traders
- Business
premises rates bill dated within last twelve months.
- An
invoice from a supplier dated within last three months.
- HMRC
Correspondence dated within last twelve months.
- A
utility bill dated within last three months.
- An
existing business bank statement dated within last three months.
- A
letter addressing to metro bank from an accountant acting on behalf of your
business.
In all cases, you need to treat sole trader bank accounts differently to personal banking. You can get in touch with professional sole trader accountants near you for any query.
Sponsor Ads
Created on Oct 14th 2021 05:51. Viewed 170 times.