Natwest business bank account

[rocketmanbkk]

Friends

I've opened a business back account online. Went for Natwest a 2 years free as recommended.

Now then, what's strange online is that you can't have a long company name!!'

I'm awaiting a call to confirm account and to sort this out.

Problem I also get which I hope they'll deal with / allow is some people pay me chqs in my name & some to business name of varying parts of the name!! So, I'll need to make sure I can pay all chqs into the account. Transfers in obviously no issues.

Phone app, Internet banking, Chq book, debit & credit card all applied for.

I'll update when I know.

Rct

 

[village idiot]

As long as the Business Account says: Rocket Man, trading as RocketManBuilding&Contracting Services, then cheques made to Rocket Man or to RocketManBuilding&Contracting Services will be accepted.

 

[rocketmanbkk]

Lovely, that's exactly what I need.

Cheers Village.

 

[SimonG]

Get yourself a rubber stamp 'Please make cheques payable to xyz', jobs a good un.

 

[helpsy]

I run a seperate current account, the banks make enough money without me handing over more each month!

 

[newcastle phill]

Cheques - what the heck are they.

Dont touch em lol - most are made of the same rubber as that stamp.

 

[rocketmanbkk]

I get a few, not loads but just need the facility.

Prefer cash (ahem) or bank transfer. Easy then.

 

[helpsy]

Get yourself a card machine. Saves loads of hassle. You can then if you do bathrooms etc have customer pay with credit card(2% charge) which they can then transfer to 0% and you may get the job over someone else purely because you can take credit card.

 

[newcastle phill]

Get yourself a card machine. Saves loads of hassle. You can then if you do bathrooms etc have customer pay with credit card(2% charge) which they can then transfer to 0% and you may get the job over someone else purely because you can take credit card.

I nearly had a card machine.
But ended up giving up - was too much hassle.


Couldnt get the fork lift truck through the brick wall !

 

[rpm]

2% charge which they can then transfer to 0% ? Sorry can you explain ?

 

[Atouchofgas]

2% charge for using your card machine. They then can apply for a 0% cc to transfer the balance on the cc they used to pay you

 

[rpm]

Yep, but isn`t there a fee for balance transfers ?

 

[Atouchofgas]

Depends on the offer at the time

 

[rpm]

Funnily enough I had a letter yesterday and Barclaycard want 3.9% and don`t think many if any do 0% anymore.

 

[helpsy]

On the cost of a bathroom etc doing a transfer is cheaper than what the interest would be if you pay the minimum.

 

[village idiot]

Funnily enough I had a letter yesterday and Barclaycard want 3.9% and don`t think many if any do 0% anymore.

Most do 0% for a period of time (to rope you in). Then the charges begin to hit.
I have an HSBC business credit card which I've ever used only once in 3 yrs. But I get charged £45 annual fee even though I owe nothing on the card. So the question is: Why give away free money just for the pleasure of owning a business card? I need to cancel it asap, but keep forgetting as I am told I need to take a letter into the branch if i want it cancelled. That means taking time off work. What a scam

 

[rocketmanbkk]

But that £45 is a tax deductable so no problems.

 

[kay-jay]

But that £45 is a tax deductable so no problems.

How do you figure that?
Its 45 that you don't pay tax "on" not 45 tax that you dont pay.

It will still cost you 36

 

[rocketmanbkk]

Mmm you've lost me. Depends how much tax you pay

 

[kay-jay]

Not really.

The 45 is a business expense so you dont pay tax on it.
Tax is 20%
20% OF 45 is 9.

If you font pay the taxman 9 then your business expense of 45 costs you 36.

So in short

A business expense of 45. Does not mean you get 45 off your tax bill. It means you don't pay tax on that 45 which means 9 off your tax bill. The business expense still costs you 36 in real terms

 

[village idiot]

OK, let's say you make a profit of £20,000, then decide to spend that on various business expenses. It becomes a business expense, so no tax due. But, pray, tell me. How does that improve your cashflow or where is money left to go on that luxury cruise?
Just because an expense is tax deductible does not mean the spend is good business acumen. I am better off spending that money on breakfast at McDonalds. Still tax deductible and appropriately used

 

[kay-jay]

There seems to be some confusion here.

As an example.
If you have done your yearly accounts and you owe the tax man exactly £1000
And then you remember a business expense of exactly £1000

what do you think your revised tax bill will be?

 

[rocketmanbkk]

Is it the case that any profit you pay into a personal pension comes off your tax liability?

Do for example, if the tax level is £10k and you make £15k, can you pay £5k into your pension and pay no tax?

Figures are examples only and your money is locked away until 55? Although I think there are rules coming in stating you won't have to buy an annuity.

??

 

[village idiot]

There seems to be some confusion here.

As an example.
If you have done your yearly accounts and you owe the tax man exactly £1000
And then you remember a business expense of exactly £1000

what do you think your revised tax bill will be?

Your revised tax bill will be ZERO. Nothing to pay

 

[Ermintrude]

£800 if they revise it within two decades

 

[kay-jay]

Your revised tax bill will be ZERO. Nothing to pay

800 you only get releif on the grand at tax rate.

 

[Nostrum]

This is a common misconception that baffles me, how people are running a business and don't understand the costs or benefits.

if I buy a new £400 drill, HMRC don't refund me the entire cost (unfortunately), they allow me tax relief on its value which is offset against my profits.

So, the drill cost me £400.

I get tax relief on the value of the drill, in other words I don't pay tax on £400 of profit I have hopefully made in that period.

The equivalent tax at 20% on £400 profit is £80.

HMRC don't rob me of £80 but the remaining £320 is being paid for by? Me.

 

[Nostrum]

As for Nat West, watch the fees after 2 years. I bank with them for everything but I had to phone them and enquire about a better tariff for my business as they were stinging me for a fair bit, direct debits, online transactions etc.

 

[Ermintrude]

Yeh we were done over by CBS few years ago then stupidly moved to Barclays!

 

[Irish]

Yeh we were done over by CBS few years ago then stupidly moved to Barclays!

sweet lord jesus what in the feck possessed you to go to them tosspots

 

[village idiot]

Yeh we were done over by CBS few years ago then stupidly moved to Barclays!

like jumping from frying pan to fire