Share this content

Ltd Co Bank Accounts

Ltd Co Bank Accounts


I have recently taken on a new client who is trading through a Ltd.  On receipt of his books and records I noted that he is still using his sole-trade bank account in the Ltd.  When I advised him to change he said that when he looked into changing to Ltd status the terms of agreement meant there were additional charges etc he would not have to pay as a sole trader.  Even when I explained he is unlikely to be covered by the limited liability status of an Ltd he doesn't want to change. 

On receipt of info from his previous accountant the situation was the same and they advised me they've kept the bank account out of the accounts, instead introducing expenses etc via the Directors Current Account.  I've not actually seen his situation before, any advice on how I deal with this?  Surely this affects Director's responsibilities for record keeping for the Ltd?


Please login or register to join the discussion.

28th May 2012 16:03

As this is a personal bank account

His DLA will always have a debit balance on it wont it? Which raises interest , BIK & S455 issues. Definitely needs a limited co bank account imo.

Thanks (0)
28th May 2012 18:42


"His DLA will always have a debit balance on it wont it?

Why? I can imagine plenty of scenarios where there would not be a debit balance on a DLA.

Thanks (0)
Share this content