Setting up one's own business involves a number of formalities, including registering the company with the CEIDG. Already at this stage, the entrepreneur has to provide a bank account number, which he or she will use to carry out all activities related to the company's finances. Is it worth setting up a separate business account for this purpose, or is it better to use a private account? 
A bank account is currently one of the most important tools when it comes to running any business. It is not only used for sales purposes, but it also allows the entrepreneur to settle accounts with the Social Security Office or the Tax Office.
The law applicable to sole traders does not explicitly impose on them the need to have a company account. This means that all business-related transactions can be made from a private account or in cash.
The exception is the provision in Article 19, which specifies two situations where transactions should be made by bank transfer (from a company or private account):
- when the other trader is the recipient of the transaction,
- when the single transaction value exceeds PLN 15,000.
Moreover, any settlements with Social Security or the Tax Office that are made by bank transfers can also be made from a private account. Although this option seems to be very convenient, many entrepreneurs nevertheless choose to set up a company account. Why?
Advantages of a business account
Running a one-person business in a private account is, for many, associated with the convenience and lack of additional formalities associated with having to open a company account. Nevertheless, the range of advantages that such an account offers makes it very attractive to entrepreneurs:
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Separation of private and company transactions
One of the main advantages of a company account for a sole trader will be the ability to separate the day-to-day private expenses from those related to the management of the business. The convenience of this solution is evident at every step - the entrepreneur does not have to analyse work and private life costs alone. Most importantly, however, such a separation helps with bookkeeping and, in the event of an audit by the Tax Office, does not require an intrusion into privacy, showing a clear picture of finances.
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Control of revenues and costs
A company account also makes it possible to control the current income and expenses of the business. If all transactions took place in a private account, it would be very easy for the owner to miscalculate some expenses, thus making a mistake in important calculations concerning the company's outgoings. A company account therefore allows the company's financial situation to be constantly and precisely monitored.
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Bank charges included in the cost of doing business
In the event that there is a fee for maintaining a company account, the entrepreneur can easily include such a fee as a deductible expense. In such a situation, the necessary fees are fully covered by company funds, so that he does not have to pay for the account with private money.
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Interest is not subject to the Belka tax
As is common knowledge, funds collected in accounts generate interest, which is taxed. In the case of a private account, the so-called Belka's tax - a flat tax of 19 per cent - is deducted from the interest. Therefore, if company funds are kept in a private account, they are also subject to this tax.
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Making payments using the split payment mechanism
In the event that the entrepreneur wishes to use the split payment mechanism - i.e. the split payment mechanism associated with the VAT sub-account - he must have a company account. This is because, and only in such a situation, the bank is obliged to create a special VAT account for the entrepreneur.
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Bank's offer to entrepreneurs
A huge advantage of a sole trader business account is also the bank's offer. Very often, banks make provision for profits for entrepreneurs, granting loans on more lenient and favourable terms, or offering special products aimed at business owners.
Business account for entrepreneurs
It is the duty of every entrepreneur to have a bank account. Whether his or her business will be conducted in a company or private account depends entirely on one's own motivations, as well as the nature of the business itself. Nevertheless, a company account seems to be a more convenient solution.
When deciding on either option, it is also worth thinking ahead. Expansion of the business is directly linked to an increase in the number of transactions - including those between contractors. In such a situation, it is much better to have a single, fixed account registered in the company's name. This not only demonstrates the owner's professional approach to business, but also avoids unforeseen misunderstandings during transactions.
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