UK personal account commercial use.

[wellington]

Just read an article.

Previously a UK Citizen could legally use a segregated bank account for their business (SOLE TRADER), the same was for (LTD) companies.

Wording now appears that LTD companies have to have their own account as the company is registered with Companies House.

What about a UK Personal account (segregated from their personal spending) being used for a Offshore company?

This might throw a few spanners into the works for the market at large (that have overseas companies/offshore) but don't warrant the expenditure for a corporate account set up overseas, or the fees onshore).

 

[BA UK]

Hello, I recommend you not to use personal accounts but only business accounts. Each company will need to have a business account. Or if you find it difficult to open a business account, you can think about buying a ready-made company with a bank account.

 

[Au999]

You can use a segregated personal account in the short term while you are setting up business accounts - such as with a new business if you're in a place where biz banks can take a while and require X amount of months trading.

It's definitely not ideal but as long as you keep proper accounts of everything it'll not be an issue, as a temporary fix