{"id":219750,"date":"2016-11-29T22:01:32","date_gmt":"2016-11-29T22:01:32","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=1549"},"modified":"2023-02-20T09:03:18","modified_gmt":"2023-02-20T09:03:18","slug":"business-bank-account-works-contractors","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/business-bank-account-works-contractors\/","title":{"rendered":"How a business bank account works for contractors"},"content":{"rendered":"

As a contractor, you use a business bank account a little differently than you would a personal account. When you do contracting work as a limited company, you and your business are separate legal entities, which means the business bank account is owned by your limited company rather than you personally.<\/p>\n

The money going in and out of the business bank account will form part of your accounts. This guide will help make sure you are doing everything properly and legally.<\/p>\n

Paying in and out of your contractor bank account<\/p>\n

Any money you receive for work you do as a contractor will be paid into your business account, and the profits will later be paid into your personal account in the form of a salary.<\/p>\n

In the past, contractors would be given a cheque book with their account. You would then be able to deposit money paid by clients, and write any checks on behalf of your company to pay any bills or taxes. In today\u2019s modern world, things often work differently, with not many people using cheques any more.<\/p>\n

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