How to switch from sole trader to limited company

Many sole traders think that they need to set up a limited company to take their business to the next level.

This isn’t always true. Deciding whether to set up a limited company should be a matter of personal preference, but there are some key advantages to going limited.

When do you need a business bank account?

Having a business bank account has some benefits. It can help you look more professional and it’s a good way to keep your business finances separate from your personal finances.

But business bank accounts usually charge a monthly fee, plus extra charges on certain transactions. If you are a freelancer or another micro business, you might not want one unless it is absolutely necessary.