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Jo Nockels ACCA MAAT - TaxAssist AccountantsJo Nockels is the Training and Communications Manager for TaxAssist Accountants who has been a practicing accountant and is a member of ACCA and AAT.

Jo is part of the team of experts that supports 220 TaxAssist Accountants offices across the UK. TaxAssist Accountants was set up 16 years ago to help small business owners and self employed individuals with their accounts and tax returns. We currently service over 40,000 small businesses and are the largest network of accountants in the UK.

Jo currently contributes to Startups.co.uk, Unbiased.co.uk, Inspiresme and The Huffington Post.

Send us your question: If you would like to have a tax question answered here, please send your question to taxquestions@taxassist.co.uk. We can't guarantee to respond to every question individually, but we will publish as many answers as we can here on the blog.

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Advice shared in this blog is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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« Missed the tax return deadline | Main | Tutors and coaches »
Monday
Nov072011

Separate bank account

DateMonday, November 7, 2011 at 12:00PM

Separate bank accountI have just started my own business- can you tell me if I should open a business bank account please?

Louise, Aberdeen

Assuming you are not operating a company, you are not legally obliged to open a separate business bank account. However, if you use a personal bank account to put the business transactions through, HM Revenue & Customs will have access to your personal accounts if they were to launch an enquiry into your affairs.

If you operate a company, you must open a separate business bank account for it- in the name of the company.

We provide tax accountancy services in Aberdeen and throughout the UK. http://www.taxassist.co.uk

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