If you have decided to trade using a limited company then you will need a separate account for your business in order
to accept payments from agencies and clients, and also to pay business expenses incurred as a contractor.
Traditionally contractors have approached their personal branch to open a business bank account. However, this can be very time consuming, often taking weeks
to get set up, which you may not have before starting your first contract. High street banks don't really understand the world of contracting.
Your banking needs as a contractor are actually much simpler than most businesses require.
Fortunately, those time consuming hassles are now a thing of the past, with new low cost financial solutions designed specifically for contractors.
Contractor banking: choosing a business bank account
Contractors who have decided to trade through a limited company must apply for a separate business bank account for their contracting business.
Contractor banking – running a business bank account
Having successfully applied for and opened a business bank account, contractors should adopt best practice when running their company’s account.
Contractor banking – applying for and opening a business bank account
Once a contractor has decided which financial institution they plan to bank with, the next step is to work through the process of opening the account.
Save time and money with the Cashplus Business Account for contractors
Contractors can reduce their business banking burden with the Cashplus Business Account, says Cashplus financial commercial director Nick Biggam.