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Sole trader to LTD. Use existing business account?


CrispySquid

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CrispySquid

When making the switch can you use an existing business account or is it obligatory to open a new account ? 

 

I have a business account now as sole trader looking to make the switch to limited in the near future and wondering if I can keep the same bank details?

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1 hour ago, CrispySquid said:

When making the switch can you use an existing business account or is it obligatory to open a new account ? 

 

I have a business account now as sole trader looking to make the switch to limited in the near future and wondering if I can keep the same bank 

 Possible the bank might allow you but I doubt it as you're changing the company name. If they don't then it might pay you to switch bank and get 18 - 24 months free banking.

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Lmao no chance in the world mate, I had this transition not long ago,,, Your LTD account will be a total new identity of its own, your LTD account will be seperate to u and your sale trader account.

They will allow u to keep the sole trader account open though but you just got to update all your customers and eventually everyone will end up paying your new LTD account.

But when you do your accounts you have to show both bank statements for each accounts.

I was sad when i had to open a new business account and put all the customers on to there but once u get past 1-2 months u will thank yourself and realise its pretty smoother then u think!

Them allowing u to keep your sole trade account for 12-24 months will help u out a lot 😉

Good luck in your new LTD company 😉

 

Edited by harunh
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