Changing sole trader business account over to a ltd company.

[Marneus]

Hi all.

I’ve been trading as a sole trader for the last 13yrs but have decided that it’s time to go Ltd, I’ve been banking with HSBC business throughout & have good records with them.

Is it possible to swap the bank account to the Ltd company without starting a new account as all the cash, credit card & overdraft are all in situ with my current business account?
I don’t really want to start over again

Cheers

Jamie

[Mr Pointy]

I doubt it: you & the limited company are separate legal entities. If you don't have an accountant you should get one.

[Marneus]

Mr Pointy said:

I doubt it: you & the limited company are separate legal entities. If you don't have an accountant you should get one.

I have an accountant and he says that it’s possible but that HSBC are being awkward to deal with at the moment so thought I’d ask if there’s any insight on here.

[Simpo Two]

Is writing to them asking to change the account name to 'Marneus Ltd.' too simple...?

[Eric Mc]

My experience with my clients is that most banks don't have too much of an issue with this - as long as you can provide them with the proper ID details for the new company etc.

Best to ask HSBC and see what they say.

When I started my limited company, however, I did open a brand new bank account just for the company.