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Coddan CPM Ltd. – Company Registration Agent in the UK
Home Corporate Services Open a Company With Barclays Bank Account Why Your Business Activity Must be Separate from Your Private and Family Needs

Company formation with Barclays bank account from £24.99 within 24 hours!

Company formation with Barclays bank account from £24.99 within 24 hours!
3. Why Your Business Activity Must be Separate from Your Private and Family Needs

Why your business activity must be separate from your private and family needs

Company Incorporation with Barclays Banking Account

Keeping personal and business finances separate is vital, but it is not always easy - especially in those early days as you form your company. Many new business owners find that money gets tight when they start up, and that is when the temptation to merge finances or activities can crop up.

However, it is so important that personal affairs and business matters are kept separate, to keep you and the taxman on good terms and to make all of your registration, filing and accounting processes much more simple.

If you start to cross over your activity, whether through adding personal finances to business funds or taking your wages from profits, you will find it much harder to maintain a proper paper trail and to account for your business affairs.

Instead, try to ensure that your personal life stays separate from your business life. For example, never secure a business loan against a family property - instead look for alternative sources of funding that do not place your home at risk. If you need any information about managing company interests or separating personal and business finances, the experts at Coddan are here to help you - give us a call.