Business accounts

[mumofone]

Do any of you have a specific business account for your childminding? I'm thinking of opening one...what do I need to know? Any advantages/disadvantages?

[Ellisha]

I opened a separate current account. My bank were fine with that. I think a lot of banks charge for a specific business account.

[moggy]

No, I use my joint current account so I do not need to transfer money anywhere to pay my bills etc.
My accounts show all the money in/out so it is clear for me and HRMC etc if they ever want to look.
You can have a separate current account for CMing if you want. You do not even need to tell the bank you are using it for CMing only.
I would avoid what the banks call a 'business account' as they are expensive with charges for all kinds of things and not what most CMers need at all.

[natlou82]

I too have a separate current account which works well for me.

[mumofone]

No, I use my joint current account so I do not need to transfer money anywhere to pay my bills etc. My accounts show all the money in/out so it is clear for me and HRMC etc if they ever want to look. You can have a separate current account for CMing if you want. You do not even need to tell the bank you are using it for CMing only. I would avoid what the banks call a 'business account' as they are expensive with charges for all kinds of things and not what most CMers need at all.

Cool, thanks moggy :-)

[mumofone]

I too have a separate current account which works well for me.

Great, thanks natlou :-)