Business accounts

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s.p.t plastering

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Is it worth going ahead with one?...I'm only a sole trader, and usually just pay my money into my personal account and use it for both....

How do you lads go about keeping your tax money back and stuff like that, i'm crap at this type of stuff and have just been useing my personal and paying it in takeing it out as and when....

Any advice be great?
 
Ive got 2 accounts & just transfer 20% of my money into 1 account to set aside for the tax.
Just deduct 20% off each payment from each job after taking materials off first.
 
Yeah you need one as ltd company but not sole trader.
Well the banks cant make you have one is what i'm saying :RpS_thumbup:
If you've got cheques going in the bank from more than one person the banks will say you need a business account, but they would say that wouldnt they ££££
 
I got one i dont need it cus im a sole trader.
I chose to have one as the extra cost of maybe £500 a year simpfies things for me no end.
They do charge you a hefty charge for paying cash in though !!!! So try to avoid that.
But you dont need them and the banks will just Rape money from you,i have a few business and it makes things easier for me to have all my money going to one account tax to another wages to another so i dont mind paying.
 
Business banking is not cheap. I have one for Davlic Media as I often get paid in cheque and the bank charges you for everything they can...

paying for stuff, withdrawing, paying in

Personally if you can get away with not having one then do that :)
 
if you manage without then dont bother, you would be better having another separate personal current acc. in your personal name and just use this for everything business related then transfer whats left for your wages into your spending money current account. This will help you see all your business activity more clearly and easily plus if ever a qquiery crops up you should be able to identify it but no need for an actual business account that may be free to start off with but will start charging around £5 per month just for having it plus charges for going over any transaction limit
 
Cheers guys, think it's already gone through...Might just use the 12 months free banking and that's it....lol

really need to get in a habit of takeing my 20% out and putting in seperate account though....
 
i have used one for 10 years , it just makes everything simple for me , i keep all the biz stuff completely seperate from private , when i pay the lads wages i just pay myself a amount to the private account , easier for the accountant too . works for me
 
Just thought i have 2 current accounts I keep one for personal & one for all business stuff like cheques & paying direct debits to do with the business etc.
Then the 20% I deduct i transfer into a seperate savings account.
So that's 3 accounts not 2 like I said earlier:rolleyes)
but it doesn't cost me a penny:RpS_thumbup:
 
you're making it up as you go along nisus, what about the building society acc. the missus doesn't know about?:rolleyes)
 
Actually I think I've got about 5 accounts or something.
Not sure how many love children I've got either.
And yes I have got an account my mrs doesn't know about it's called:
Brown envelope in an empty smash mash tin :RpS_laugh:
 
yeah im the same. 1 account for in and outs of work, one i pay a wage into for myself and one for all house bills etc. all nationwide current accounts. just got direct debits to each from the work account each month.
 
Sound advice lads, already got 2 personal accounts...But the business is already open now....£12 a month for this online business thing though, to help with bookeeping and other business related stuff....

Do you have to pay youself a wage?...I've just been using one account for everything, and just takeing money out as and when i want it.

Was thinking about building some money up in an account then paying myself a wage every week maybe, that's alright till work goes quiet though...ll
 
I pay myself and then move the remaining money to another account which I then use for big purchases :)

My accounts are mega complicated I have income from about 200 different places and in all sorts of currencies... I get my monies worth out of my accountant :)

Danny
 
Free with Santander.

Business accounts make life very simple when it comes to the end of year, and if you ever had the unfortunate problem of being investigated by the tax man he would rip you to shreds unless you were squeaky clean and able to seperate your personal and business affairs clearly. Government rules stipulate that only businesses can deduct business expenses. If your business may look like a hobby, a personal bank account for business creates a harder time convincing the government you are operating a business.

If you have clients who write cheques to you, cheque writing in your personal name as opposed to business can convey that your company as amateurish. Also sending personal cheques on a business transaction is amateurish.
 
santander are a shocking bank to use in my opinion....

I only use my business bank for cheques.... all my other money comes in all sorts of ways :) and no Columbian money for me
 
sorry to drag an old thread up but i was wondering if peoples opinions had changed in the last couple of years. I moved from barclays about 2 years ago cos their charges were crazy. Moved to HSBC got 18 months free which was canny, started paying the usual fee's now and sneekily im getting stung. £100 renewal fee for my £500 overdraft which i never use and now £50 to renew my business credit card which ive used once i think...................:RpS_thumbdn:.

Just wondered if any banks are better than others?...............i asked the local business manager what the monthly fee covers and its mainly so you can ring her up for advice..........i didnt get a reply when i told her i didnt need her advice so can i have my cash back................:rolleyes)

now the wankers only open from 9.30 till 3.30 and shut on saturdays.............:-0
 
sorry to drag an old thread up but i was wondering if peoples opinions had changed in the last couple of years. I moved from barclays about 2 years ago cos their charges were crazy. Moved to HSBC got 18 months free which was canny, started paying the usual fee's now and sneekily im getting stung. £100 renewal fee for my £500 overdraft which i never use and now £50 to renew my business credit card which ive used once i think...................:RpS_thumbdn:.

Just wondered if any banks are better than others?...............i asked the local business manager what the monthly fee covers and its mainly so you can ring her up for advice..........i didnt get a reply when i told her i didnt need her advice so can i have my cash back................:rolleyes)

now the wankers only open from 9.30 till 3.30 and shut on saturdays.............:-0
Can't you go to someone else on a newbie deal arti?
 
im gonna have alook marra. its just a fu@k on keep moving. HSBC had the longest free deal but like ive said the sneeky charges are coming thick and fast...............:RpS_thumbdn:
 
It's just the same with every other bill in life isn't it.tell them you are considering it then if no comeback switch it,they are supposed to make it easier nowadays(apparently)
 
Next week it's becoming easier (quicker) to switch banks. 7 days instead of a month. They're all thieving robbing tvvats so move whenever there's a free banking offer available. I'm switching to a Building Society next week :RpS_biggrin:
 
I am with natwest and I pay £10 a month for my account....

I donrt mind paying as I get a alot of USD cheques and what not and natwest process them quicker

I also likw to keep my business seperate from personal as it makes it easier for tax

Danny
 
I am with natwest and I pay £10 a month for my account....

I donrt mind paying as I get a alot of USD cheques and what not and natwest process them quicker

I also likw to keep my business seperate from personal as it makes it easier for tax
.
.Danny
is that £10 covering all costs, drs and crs and cheques, online payments etc.
 
Ok....
I use the credit card for everything so no charges there and then all my cheques are usd so I do have to pay for them.

I dont pay for online money coming in. ...
 
I have been with the Yorkshire bank since setting up in 1981. Charges are ok but as a business bank they are useless! 7 times I went to them in the 80's and 90's for bridging finance and 7 times I was shown the door! I have never asked for finance since as I don't think my face fits. If they had lent me money back then when unmodernised properties with outside loos was easy to find I would have been a property tycoon now like a couple of my 1980's mates are today.

I am seriously thinking of running a ltd Co along side my sole propietor for the bigger riskier jobs. But if I do it will be with another bank.

Btl mortgages are easy and the Mortgage works is good.
 
I think its hard to get cr for limited companies now , the banks don't like us sole traders,they don't like the construction industry,once HSBC would give me 200k in principal prior to me buying and valuing by themselves, now , not a dime
 
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