Online accountants
How to set up a UK limited company business bank account, what providers request and how to keep company money separate from personal funds.
Short answer
A limited company should use an account in its own name so company income, expenses and director transactions stay separate. Compare eligibility, fees, payment features and accounting integrations, then apply directly to a regulated bank or payment provider.
Written and reviewed by Waqas Sagar Member of ICAEW, Fellow of ACCA, Fellow of AAT, a double graduate and entrepreneur at heart, helping startups grow and serving thousands of businesses nationwide with an excellent team. Published by LimitedCompany.Accountants, 12 London Road, Morden, London SM4 5BQ. Reviewed 12 September 2026 against 2026/27 UK rates and current Companies House and HMRC guidance.
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QuickBooks PartnerCertified ProAdvisor100+ yearsCombined team experienceFully insuredUp to £2m indemnityA limited company should use an account in its own name so company income, expenses and director transactions stay separate. Compare eligibility, fees, payment features and accounting integrations, then apply directly to a regulated bank or payment provider.
Does a limited company need a business bank account?
What you may need for the application
How to compare business accounts
Connect the account to bookkeeping
Moving an existing company to a new account
A limited company should use an account in its own name so company income, expenses and director transactions stay separate. Compare eligibility, fees, payment features and accounting integrations, then apply directly to a regulated bank or payment provider.
A company is legally separate from its directors and shareholders. UK law does not prescribe one particular bank product, but company transactions must be identifiable and the company must keep adequate accounting records. A dedicated account is the clearest way to preserve that separation.
Do not use a personal account as though company receipts belong to you. Money taken by a director may be salary, a reimbursed expense, a dividend or a director’s loan, and each treatment needs its own records.
Providers commonly ask for the company name and number, registered office, trading address, expected activity and turnover, details of directors and people with significant control, and identity and address evidence. Their checks and eligibility rules differ, so confirm the current list with the provider before applying.
Compare monthly and transaction charges, cash and international-payment needs, user permissions, deposit protection or safeguarding status, customer support and whether the feed connects reliably to your bookkeeping software. A free account is not good value if manual reconciliation creates extra work every month.
Once opened, connect a read-only bank feed to Xero, QuickBooks or the agreed bookkeeping platform. Match receipts and payments to invoices, keep evidence for expenses and reconcile the balance regularly. A bank feed imports activity; it does not decide the correct accounting or tax treatment.
Download historic statements before closing the old account, update customers and suppliers, move Direct Debits and standing orders, and keep both accounts reconciled through the transition. Tell your accountant which account received each payment so nothing is duplicated or omitted.
Rates, thresholds and deadlines quoted here reflect the current UK position and current HMRC and Companies House guidance. Check GOV.UK, or ask us, before relying on them for your own business.
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Local help
We work with company directors across London and Surrey from our office at 12 London Road, Morden, London SM4 5BQ. Pick your area, or send the form below and we will call you back.
Frequently asked
A company is a separate legal person, so its money and records should be kept separate. A dedicated company account provides the clearest audit trail.
The provider must complete its own identity, ownership and eligibility checks. We can organise company details and connect bookkeeping after approval, but cannot guarantee acceptance.
There is no single best provider. The right choice depends on transaction volume, cash use, overseas payments, borrowing needs, support and software integration.
The account should be opened for the registered company. The provider explains how the registered name and any trading name appear.
Check the provider’s regulatory status and how funds are protected. Bank deposits and safeguarded electronic-money balances can have different protections.
Route company income and expenses through it, connect bookkeeping, retain invoices and receipts, and document salary, dividends, expenses and director’s loans correctly.
Yes. Records, questions, approvals and meetings can all be handled securely online. Clients near London can also meet us at 12 London Road, Morden by appointment.
Routine day-to-day questions are included. Technical calculations, written advice, planning projects, HMRC disputes and specialist claims are scoped and agreed before any work starts.
Use the short online quote form with your turnover, VAT, payroll and bookkeeping position. We can normally confirm scope and a fixed monthly fee the same working day.
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“We worked with a few different accountants before finally settling with Accotax, and we're really glad we did. They take the time to understand how our business works and what our needs are. Anum, who looks after our account on a day-to-day basis, including reconciling invoices and preparing the annual accounts, is amazing, professional, efficient, and follows the processes we have put in place together. Accotax has made our accounting experience much smoother and easier. We see them as a long-term partner as our business continues to grow. I would 100% recommend them.”
“I've been working with Accotax since January 2024, and their support has grown alongside my business needs. My personal allocated manager, Umer, provides tailored services for both of my companies, adapting as I expand and ensuring everything runs smoothly. They are responsive, knowledgeable, and always clear in their communication. Their help with accounts, VAT, payrolls, pensions and compliance gives me real confidence and peace of mind.”
“Accotax have been our accountants for many years now. We maintained them because of their professionalism. In the last couple of years I have been working with Imran, who has been very professional and helpful in guiding us through the whole process, explaining and clarifying every aspect of it. Very prompt in responding to questions and patient with us even when we seem to be slow.”
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