View Full Version : Seperate Bank Account????

10-01-2011, 02:45 PM
Just wondering if anyone has a seperate bank account for all their childminding money in/out, I have had in the past a relitively small income so could easily track now I have 4 different payment coming in some vouchers and am considering seperating it. Also do I go for another personal account or get a business account?
Does anyone do this? And then what do you do about personal spending money for yourself do you transfer a certain amount each month to a personal account???

Becca :)

10-01-2011, 02:54 PM
I have been Minding for 16yrs and never felt the need for a seperate account. I get a reciept for every payment of cheques or cash I pay in. Any vouchers are identified on my statment so I can see who they are from and the direct payments made by parents into my account also have their name on so not a problem.

10-01-2011, 02:58 PM
Also if you have a business account you have to pay all sorts of extra charges that you don't have on a normal current account. I agree with PP - keep receipts/copies of invoices and details of bank transfers and vouchers are detailedon my statement so easy to keep track of.

10-01-2011, 03:36 PM
I have a separate account for childminding. I was advised to on a tax course I did with the inland revenue. If I have an account where all my money goes in and out, if there's the possibility that the HMRC want to audit me as a business then I just give them all the details for that account. I opened a personal account as didn't want to pay bank charges. All my vouchers, money etc goes in there.