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WISE Business account - what is account name allowed?
 

What is the account name of the business account linked to your personal account

Can you choose the business account name (eg XYZ, XYZ Ltd) or is it like a sole trader a/c (same personal name but separate transactions from your personal bank a/c)?

Re: WISE Business account - what is account name allowed?
 

if you do not run a company like LTD you can not have a separate legal business name , maybe a nickname like with some banks , something like john smith t/a phone accessories

Re: WISE Business account - what is account name allowed?
 

So the default is a sole trader type of a/c?

What if you are the sole director of a Ltd company.
Is there a procedure to ensure the business account name is, say, ABCDEF Ltd?

So that transfer/payments to a UK payee will show as ABCEDF Ltd on the recipient's bank statement?

Re: WISE Business account - what is account name allowed?
 

if you are director you are separate from the company , the company is like a separate person so you open an account in the name of the company and it will display the correct name

if you open in the name of the director it is not an account belonging to the company

Re: WISE Business account - what is account name allowed?
 

in general be careful with companies and who accounts are registered to , HMRC is tougher there than on sole traders

it is not like USA where you can run many companies easily and register them in various states. in the UK you can easily get a problem if you open multiple companies and also if you start running company funds through director's personal accounts or if director is also a sole trader who runs a similar business. all this can easily lead to an investigation as they may suspect VAT evasion

Re: WISE Business account - what is account name allowed?
 

cross-ref link for ease: http://www.aspkin.com/forums/uk-payp...ebit-card.html