No Business Bank Account yet BUT new contract next week. What to do?

[SackmanandCo]

In one off emergencies you can bank privately but you must transfer monies to Company within 30 days.

[Clare@InTouch]

In one off emergencies you can bank privately but you must transfer monies to Company within 30 days.

Why do you say 30 days?

The money could simply be kept in a private account and treated as a dividend, or a loan. As it's the first invoice then whether or not that dividend is ultra vires is another matter.

If you're not worried about a benefit in kind or s419 then there seems no reason to have a strict 30 day limit.

Best pratice would be to keep company and personal seperate, and wait until the business account is set up before you receive any funds. If you do have to get the money paid into a personal account just be aware that there will be tax implications.