Question about a Business Bank Account

Discussion in 'General Chat' started by KhalJimbo, Feb 12, 2009.

  1. KhalJimbo

    KhalJimbo
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    Hi Guys

    I am changing the way I contract now to a Ltd company as my contract at work just keeps getting extended, but my question is, does having a Business Bank Account affect my personal credit rating? ie: will it show up on my Experian report that I have one? I have an accountant that does all my tax things for me and will be managing the bulk of the account for me. I have managed to sort out everything else but just wondered if it does show up?

    Thanks
     
  2. RBZ5416

    RBZ5416
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    I don't ever recall seeing it on a credit report when I've had one. A limited company is a legal entity to which the account belongs, rather than to you as an individual.

    It may show as a linked account if you have the company's registered address as your own but that's just speculation.
     
  3. andykn

    andykn
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    It shouldn't do becasue you don't have the account. The Company does, of which you are the sole shareholder.

    I have the same arrangement and the Co account never showed on my credit record.
     
  4. chrisw

    chrisw
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    It definitely won't be linked to you... the account will be in the company's name rather than yours - so there should be no linkage.

    And another tip, make sure that you're on the VAT Flat Rate scheme if you're not already... ask your accountant about it.
     
  5. Bl4ckGryph0n

    Bl4ckGryph0n
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    That depends on how little money one makes of course ;)

    But yes if the business account is opened by a limited company it has nothing to do with you...So why should it show up?

    Just remember that business accounts aren't protected upto 50k as individual accounts are....Your money might not be so save, so choose your bank wisely...
     

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