Business account or current account??

[BIRD]

My boyfriend is starting his own business. As far as bank accounts are concerned is it important that he opens a business bank account or would a current account be ok?? Thanks in advance

[CheekyChops]

The Bank won;t be happy if they find he is using a personal current account for business purposes.

[sherrardk]

Will he need to take credit cards - only this takes about 4 weeks to sort out with some business accounts.

[ummmm]

Yes it is important.

The charges are different and the bank could cancel his current account if they find out he is running a business from it.

And they will find out...

[Whoever]

I think it is far more sensible that he keeps the two accounts, personal and business, completely separate. Apart from anything else, he could run into difficulties with taxation issues with HM Customs & Revenue if he is unable to show complete clarity in accounting for what is business expense and what is personal expense.