Separating business and personal finances will make them both easier to manage, and depending on what precautions you decide to undertake, add extra levels of protection both the individual and their business. With that in mind, here are some of the steps to take to keep business and personal finances separate.

Set up a business bank account

Although required when setting up a limited company, having a dedicated bank account for business transactions is one of the simplest ways of keeping work finances out of a personal account. Keeping business funds physically separate makes it easier to track outgoings and any incoming invoices.