Current Account with LTD Company

[cheezeejazz]

Hi

Long time reader, first time poster! I would appreciate any advice on the following, as my accountant and I both can't think of a way to make this work.

Basically I'm a self employed musician and have been for several years, and have been looking at the advantages of registering my business as a LTD company. The main advantage seems to be that as a LTD company I would transfer the capital allowances from my ownership, into the companies ownership which would mean I could draw out around £18,000 tax free from upcoming business profits (if I understand my accountant correctly). It would also mean that I can have the LTD company as VAT registered for session work, and maintain my self employed none VAT registered element for weddings or bar gigs. I should point out it would be voluntary VAT registration rather than compulsory.

Anyway, the above isn't what I need help with. The problem is that with a LTD company you obviously transfer all your banking to a business account. As a self employed musician it is very hard to be approved for a Mortgage as it is, but Barclays have offered a pre approved mortgage based on the way i conduct my current account as all my business finances are currently running through it and I'm always in good credit. However - should I move to a business account they can no longer offer the pre approved method of finance, and it would resort to based on profit, which is reasonabley low, making it useless.

What i want to know is, is there any way of legally running this LTD company in a way that means the transactions on my current account can stay similar in figures?

Thanks so much in advance for any help

Pete

[pawncob]

A company is a s separate legal entity, and must be kept apart from your personal transactions. You can't have the advantages without the disadvantages, which include a mortgage based on your income from the company rather than your S/E earnings.