Opening a business account

[kay-jay]

Hsbc is free for a year. Then its pennies for a cheque paid in and a few pennies more for cash paid in. 3grand overdraft. Online business banking is really good and really easy. I have an hsbc app for business account and can do it from my phone in seconds

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[850Rick]

I have a Santander internet account that enables me to access balance, transfer money online etc.

Only trouble is the password system, you more or less have to crack the Enigma code each time you visit just to see your accounts. Pfft.

I like that one mate

 

[850Rick]

Hsbc is free for a year. Then its pennies for a cheque paid in and a few pennies more for cash paid in. 3grand overdraft. Online business banking is really good and really easy. I have an hsbc app for business account and can do it from my phone in seconds

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Why do they charge for putting money in?I put a cheque in this morning at hsbc in my personal account lol.Whats the difference?

 

[Guest123]

Almost every business account now offers online banking. Mines supplies a small security card machine where you have to key in a number to access your account.

Don't like RBS, much prefer Lloyds TSB and they're UK banks mate, not English!

 

[JCplumb]

Why do they charge for putting money in?I put a cheque in this morning at hsbc in my personal account lol.Whats the difference?

It's how they make money, it's got nothing to do with the cost of the process. Makes me sick to be honest.

 

[kay-jay]

Why do they charge for putting money in?I put a cheque in this morning at hsbc in my personal account lol.Whats the difference?

Not exactly sure as Im still in the free 12 months but its only pennies really

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[850Rick]

It's how they make money, it's got nothing to do with the cost of the process. Makes me sick to be honest.

Makes me sick they make enough money anyway

 

[850Rick]

Not exactly sure as Im still in the free 12 months but its only pennies really

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Have you not long being working for your self then Kay-jay? How are you finding it.

 

[850Rick]

Also going back to the tax man,i know everybody has there do's and donts you no what i mean lol but how much can you earn before the tax man wants a piece

 

[Plum Bob 66]

I know a far! Better answer when its just yourself... Why do you need a BUSINESS account? Just open a flexi or something... Doesnt cost you anything to pay in pay out etc

There are issues with doing this , the main one is that the HMRC can choose to look through any personal accounts you have opened in your own name, if they know you are a trading as a plumber but have no recognised business account.With a running business account by law this is all they can have access to. IMO this is a risky way to operate.Im sure your 100 % above board and everything goes through the business, but they dont know that and will snoop into every aspect of your financial affairs to assess your tax liability should they have a doubt that your paying the right amount. The reason I know this is because it happened to me in another life, after that I took my accountants advice.

 

[850Rick]

There are issues with doing this , the main one is that the HMRC can choose to look through any personal accounts you have opened in your own name, if they know you are a trading as a plumber but have no recognised business account.With a running business account by law this is all they can have access to. IMO this is a risky way to operate.Im sure your 100 % above board and everything goes through the business, but they dont know that and will snoop into every aspect of your financial affairs to assess your tax liability should they have a doubt that your paying the right amount. The reason I know this is because it happened to me in another life, after that I took my accountants advice.

Well said and good advice even for the new people who are starting out

 

[hammers4spanner]

There are issues with doing this , the main one is that the HMRC can choose to look through any personal accounts you have opened in your own name, if they know you are a trading as a plumber but have no recognised business account.With a running business account by law this is all they can have access to. IMO this is a risky way to operate.Im sure your 100 % above board and everything goes through the business, but they dont know that and will snoop into every aspect of your financial affairs to assess your tax liability should they have a doubt that your paying the right amount. The reason I know this is because it happened to me in another life, after that I took my accountants advice.

if you get a full inspection they will break don every expenditure of your life to what you declare each year anyways .

 

[TBServices]

Santander. Free forever and I've never had a problem. Plenty of branches and their online banking system is top notch.


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[850Rick]

Santander. Free forever and I've never had a problem. Plenty of branches and their online banking system is top notch.


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Thanks for the heads up

 

[REDSAW]

There are issues with doing this , the main one is that the HMRC can choose to look through any personal accounts you have opened in your own name, if they know you are a trading as a plumber but have no recognised business account.With a running business account by law this is all they can have access to. IMO this is a risky way to operate.Im sure your 100 % above board and everything goes through the business, but they dont know that and will snoop into every aspect of your financial affairs to assess your tax liability should they have a doubt that your paying the right amount. The reason I know this is because it happened to me in another life, after that I took my accountants advice.

unless its a personal account, joint, you and the missus, as she has nowt to do with your business they need permission.

 

[Mike Jackson]

The most important thing as far as I'm concerned is to have a bank with a manager in the local branch that can male decisions and you have someone to talk to. I used to bank with the Abbey National (now Santander) and they were fine until administration of the accounts was taken out of the branches and put into a regional office. An admin error (someone pushed the wrong button and blacklisted my account) ended up with me being over a thousand pound overdrawn and none of my bills paid. This happened in the space of a week and took a further three to sort out whilst I was getting demands from all over the place because payments were bouncing. They then did the same thing 6 months later but I caught it a lot quicker.

I'm now with Nat West.

 

[850Rick]

The most important thing as far as I'm concerned is to have a bank with a manager in the local branch that can male decisions and you have someone to talk to. I used to bank with the Abbey National (now Santander) and they were fine until administration of the accounts was taken out of the branches and put into a regional office. An admin error (someone pushed the wrong button and blacklisted my account) ended up with me being over a thousand pound overdrawn and none of my bills paid. This happened in the space of a week and took a further three to sort out whilst I was getting demands from all over the place because payments were bouncing. They then did the same thing 6 months later but I caught it a lot quicker.

I'm now with Nat West.

OMG not good at all

 

[petercj]

I would suggest you talk to your existing Bank about what kind of a business you are going to run, and get some advice on the various types of accounts available.

If you are running a business you need to keep some record of expenses and receipts for your own protection, using a Bank account with a card for all your purchases, fuel, etc, is a good way of keeping a basic record.

It pays to get an accountant to prepare your accounts for the HMRC, and they will find your Bank statements very useful for the purpose.

A few folders for your invoices, and a couple of duplicate books for estimates and invoices should be enough to get you going.

Keeping your accounting simple but consistent is the way to go.

 

[850Rick]

I would suggest you talk to your existing Bank about what kind of a business you are going to run, and get some advice on the various types of accounts available.

If you are running a business you need to keep some record of expenses and receipts for your own protection, using a Bank account with a card for all your purchases, fuel, etc, is a good way of keeping a basic record.

It pays to get an accountant to prepare your accounts for the HMRC, and they will find your Bank statements very useful for the purpose.

A few folders for your invoices, and a couple of duplicate books for estimates and invoices should be enough to get you going.

Keeping your accounting simple but consistent is the way to go.

Thankyou for your advice

 

[A1P]

Santander. Free forever and I've never had a problem. Plenty of branches and their online banking system is top notch.


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They are soon going to start charging from £7.50 monthly upwards.The 'free forever' has been conveniently forgotten.They are going to offer an improved service which 'according to a customer survey' will be welcomed. Robbing bar stewards.Not yet found an alternative but will probably move on principle.