CAN I MAKE DO WITH MY PERSONAL ACCOUNT?

Dear BIZ

I’m in the process of setting up a new business and trying to decide if I need to have a separate business bank account. It is just me working from home and so it seems like an extra expense and something else to worry about. Susie, by email

BIZ replies

It may seem cheap and convenient to have just one account for personal and business banking, especially as you say you are running a one-person operation from home. However, it is important to separate your money streams or you could end up in a total mess with your finances and leave yourself short for household bills.

The only clear way you can keep an eye on cashflow and know how your business is doing is to have a dedicated business account.

Make sure you do some research to find an account that will suit your needs. Different banks offer different services and the charges can vary too. Good luck.