Business Bank Accounts

[Spirits High]

Will, Abbey were really good they're not really bothered that we dont have massive turnovers.

Having a seperate business account just keeps everything nice and tidy come tax return time!

[theoloyla]

Absolutely right. I must admit I dont use a proper business account. I just have a current and deposit account plus credit and debit cards with a different bank to the one I use for my personal account. If anyone pays me by cheque they make it out in my name. Its only if you are a limited company that you must have a business account and there is little point in being a limited company unless you are risking venture capital and running up credit accounts or extending credit to clients who may possibly default.
When I ran the shop I started with Nat West. They offered free banking for a limited period. When that period ended I opened a treasurers account with Nationwide which was very good. It had no charges, paid interest ut you could only get 5 cheques per month. If I needed more I wrote them from my personal account and withdrew cash to cover it.

[Solitaire Events Ltd]

and there is little point in being a limited company unless you are risking venture capital and running up credit accounts or extending credit to clients who may possibly default.

Not quite true - there are a few other reasons to be limited too.

[DMX Will]

Not quite true - there are a few other reasons to be limited too.

I'm intrested in this, what are the benefits Darren? (I know this is completely off topic....but hey!) Why did you become Limited. I don't think it's the right thing for us right now, but still I'm intrested in these benefits.

Please enlighten me

[Solitaire Events Ltd]

I'm intrested in this, what are the benefits Darren? (I know this is completely off topic....but hey!) Why did you become Limited. I don't think it's the right thing for us right now, but still I'm intrested in these benefits.

Please enlighten me

There are quite a few, and I'd tell you, but then I'd have to kill you.

They'd probably be better explained by an accountant rather then me.

I went limited originally, because they changed the rules for corporation tax and it meant saving a lot of money. However, they have now changed the rules back to what they were....

[Thames Valley Discos]

must say, abbey are a winner in my opinion, but then again i have the abbey habit!

[DMX Will]

must say, abbey are a winner in my opinion, but then again i have the abbey habit!

Going to ring up and get it sorted tomorrow

[Danno13]

I use Alliance and Leicester. They charge £5 a month if you pay in less than 1k a month though, and over 1.5k you get charged per £100 (although not very much). So if your turnover is between 1 - 1.5k a month then its perfect!

[Thames Valley Discos]

http://www.anbusiness.com/

might help you decide

[DMX Will]

So just checking this....as their website isnt that clear (at this time anyway).

- It's basically free
- I can pay in Cheques at my local branch to the account
- I also get a debit/visa electron/other card with the account
- and also a company Cheque book...