Business Accounts

[grindal]

Hi - am after yet more advise from you lot ....please!!
I have just signed 2 new clients and have a lovely deposit sat here in front of me. Tried to open an accout at the bank and was told as I was self employed I would need to make an appointment to open a business account. I was not aware that I needed a business account, just needed to keep accurate records of incomings and outgoings. Does anybody or everybody else have a business account?
Thanks again!
Grindal

[huggableshelly]

you dont need a business account.

if you want to keep childminding fees seperate to other fess jsut open a standard account, my fees go into a joint standard account.


write everything down in your accounts book to help keep accurate figures too.

[LittleMissSparkles]

I dont have a seperate account for childminding it just goes straight into my bank account for me to spend LOL

[grindal]

Thank you - I hoped it was not correct. Maybe my bank are tring to get extra money out of me!
Grindal

[TheBTeam]

It cost to operate a business account, i use my joint normal household account, i keep my ncma accounts book up to date with my income, i can't see the point in a business account as it would go in and come straight out to pay my household bills!

[Mouse]

I have a savings account built in to my current account.

I pay money into my current account, then transfer it into the savings account - if it lasts that long!

Obviously you have to make sure that you have cheques made payable to you, not to a business name.

[manjay]

Thank you - I hoped it was not correct. Maybe my bank are tring to get extra money out of me!
Grindal

In theory most banks will tell you you have to have a business account if they find out you are paying in business funds. This is because you will then be charged for transactions. In reality a bank would probably not realise a childminder was using a personal account as a business one. I worked in banking for 20 years and we used to get a pat on the back for spotting personal accounts being used to pay in business funds

I do have a seperate account for my childminding but it is only a personal one

[Alibali]

Yep, don't tell the bank it's for business use and just open a personal account. You get lots of charges for business accounts

[bubbly]

I dont have a seperate account for childminding it just goes straight into my bank account for me to spend LOL

Me too!

[buildingblocks]

In theory most banks will tell you you have to have a business account if they find out you are paying in business funds. This is because you will then be charged for transactions.

You can get a business account with the Abbey National that doesn't actually charge - well in theory it does but unless you are earning huge amounts I doubt that you wold incur them

In reality a bank would probably not realise a childminder was using a personal account as a business one.

mine shows my National insurance coming out of my account so that might give away the fact I was Self employed I guess

I worked in banking for 20 years and we used to get a pat on the back for spotting personal accounts being used to pay in business funds I do have a seperate account for my childminding but it is only a personal one

I pay different money into different accounts to cover different bills

[Zoemum2four]

Ive also opened a standred savings account for all cm moneys recieved........