However, for self-employed individuals, it is not mandatory to have a business bank account.

It is, however, of benefit to a business owner, to be able to track your income and expenses.
With the increased requirement for keeping digital records, the use of a bank account will allow you to track your records and keep everything in one place.

With the imminent implementation of Making tax digital for individuals’ self-assessment (MTDITSA), due to be introduced from April 2026 having a separate business bank account will get you one step closer, so we encourage getting started now.

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www.gov.uk/pay-vat

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www.gov.uk/pay-corporation-tax

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www.gov.uk/pay-self-assessment-tax-bill

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It may not be the right thing for your personal circumstance or there may be an alternative and more appropriate way to run your business.

There are mandatory filing requirements when running a limited company. These will come with additional costs to the company.

Taking advice before you commit about the best ways to proceed and obtain information that will allow you to make an informed decision.

If you do wish to incorporate your business, we can do that too.

The post Should I set up a limited company to run my business? appeared first on BB Harrison.

Sales invoices raised to your customers.

A record of any expenses that you pay for your business from your personal account.

Bank account statements that support the receipts and payments made.

If you have business travel, you may wish to claim business mile. A record of the trips and miles will also help.

The post What records do I need to keep when for inclusion in my business accounts? appeared first on BB Harrison.

Most accountants will offer a free initial consultation. We do. So, take advantage of this. It will most likely save you time and money in the long run, and you may walk away with additional ideas you didn’t already have.

The post Should I speak to an accountant before I start a new business? appeared first on BB Harrison.

Where individuals have additional sources of income, outside of PAYE, they may be required to complete a self-assessment if one or more of the following apply to you:

• You are working for yourself as a self-employed individual.
• You run your business together with others as a share in. a partnership.
• You are a trustee or the executor of an estate, on behalf of your beneficiary.
• You receive dividends from a company in excess of £1,000.

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