Sigma Accounting:

Sigma Accounting specialises in providing accountancy and business advisory services to owner managed businesses based on the Isle of Man.

For an informal discussion about how we can help you with the accountancy requirements of your business please contact us.

Home Our services About us Information Testimonials Contact us

SIGMA accounting

Sigma Accounting is registered in the Isle of Man (number 023280B)

and is a member of the ICAEW Practice Assurance Scheme.

∑

Business Banking:

As a sole trader you do not have to set up a business bank account, however it is a very good idea to have a separate account for business transactions and most sole traders choose to do so. Keeping your personal and business finances separate simplifies everything and makes it clearer to see what funds are where, not just for you but for your accountant!

A limited company should have its own bank account as it is a separate legal entity from its owners (shareholders).

If you have never had a business bank account before bear in mind that there are charges for various things such as paying in cheques so it is important to ask about these fees up front and make sure you open an account with a charging structure that is appropriate for your business, for example if you run a cash business such as a corner shop you need to look for a charging structure that allows you to deposit cash as cheaply as possible.

Some banks will offer the first year or 18 months free of charges which is obviously worth taking advantage of, but it is also worth shopping around to see who will be the best banking partner for you in the long run.