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johns


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What Bank Account
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I am taking on a client that has just formed a ltd company that falls under the CIS scheme. He has been talking to someone who has told him that as he will be a labour only subcontractor he does not need to open a business bank account, but a separate bank account for the money to go into.

I have not heard of this before, and would be grateful for any advice.



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RobH


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The company must have a bank account, which of course will be a business account. If he was a sole trader there is no requirement to have a separate bank account but of course it makes life for bookkeepers and accountants that much easier and HMRC prefer it.

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Rob
www.accounts-solutions.com
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