What is a business bank account and why would you have one for your self employed business

 

A business bank account is a type of bank account designed specifically for businesses, including self-employed businesses. It allows business owners to keep their personal finances separate from their business finances, which is important for tracking business expenses, managing cash flow, and preparing taxes.

As a self-employed business owner, having a separate business bank account is especially important because it helps you keep your personal finances and business finances separate.

This can help you avoid confusion and make sure you don't accidentally use personal funds for business expenses or vice versa.

Additionally, having a business bank account can help you establish credibility with suppliers, customers, and lenders, as it shows that you are serious about your business and have taken steps to manage your finances properly.

Finally, having a business bank account can also make it easier to track your business expenses and income for tax purposes, as all of your business transactions will be in one place.