My partner has a ltd company that I am a director of. I want to set up a retail side but wish to keep the transactions separate. He is currently with Barclays, I want to set up another business account but the applications ask if I’m ltd, sole etc. If I say ltd, this involves my partner. Not sure what to do.
If you are using the existing limited company for this business then the bank account must be in the company name and your partner will be involved. If you want to run this retail business completely separately then the simplest thing would be to set up a new business; either a sole trader or a limited company. Potentially this is the best solution if the trades of the two businesses are completely different anyway.
Advice given is for illustration purposes only and should not be relied upon for your tax planning or tax affairs. We recommend that you seek the advice of a suitably qualified accountant before making any tax planning decisions.