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If you are self employed you are required to keep adequate business records, showing evidence and records which relate to your income and expenditure. Business records have to be maintained separately from private records, and have to be kept for longer. It is also easier to have a separate bank account for your business. The business account is the focal point of your finances, with all financial transactions taking place from and to this account.

Having a separate business bank account can build credibility for your business, making it easier to obtain finance. The type of business bank account you choose will be dependent upon the needs of your business. If a high number of transactions will be taking place, an account which has a fixed fee rather than charging for each transaction may be preferable. An account which doesn’t charge for standing orders or direct debits is also advisable.

If you trade overseas, you will require a foreign currency account if you make and receive payments using foreign currency. You may also require a deposit account with instant access if you are likely to have cash which isn’t needed on a daily basis, but you can obtain at short notice.

The bank charges are important, especially if you are likely to have a business overdraft facility. Some banks offer additional services, like business advice which you may find useful if you are new to being self employed. If you are considering moving to a different bank, compare bank charges, services available and types of account carefully before deciding which business bank account will provide the highest value for your business.

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