Business Accounts
Thanks Thanks:  0
Likes Likes:  0
Dislikes Dislikes:  0
Results 1 to 11 of 11
  1. #1
    Join Date
    Feb 2009
    Location
    North London
    Posts
    1,083
    Registered Childminder since
    July 08
    Post Thanks / Like

    Default Business Accounts

    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

  2. #2
    Join Date
    Feb 2009
    Location
    Planet Mars
    Posts
    2,976
    Non childminder member
    lazy bum!
    Post Thanks / Like

    Default Re: Business Accounts

    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.
    Busy losing the will to live mwuahahahaha!

  3. #3
    Join Date
    Jun 2007
    Location
    in the meadow dreaming of Edward ...
    Posts
    5,012
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default Re: Business Accounts

    I dont have a seperate account for childminding it just goes straight into my bank account for me to spend LOL
    Love Mrs Edward Cullen x

  4. #4
    Join Date
    Feb 2009
    Location
    North London
    Posts
    1,083
    Registered Childminder since
    July 08
    Post Thanks / Like

    Default Re: Business Accounts

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

  5. #5
    TheBTeam Guest

    Default Re: Business Accounts

    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!

  6. #6
    Join Date
    Feb 2009
    Location
    By the sea
    Posts
    8,964
    Latest Inspection Grade
    Outstanding
    Post Thanks / Like

    Default Re: Business Accounts

    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.

  7. #7
    Join Date
    Mar 2007
    Location
    North Wales
    Posts
    5,107
    Registered Childminder since
    Nov 07
    Post Thanks / Like

    Default Re: Business Accounts

    Quote Originally Posted by grindal View Post
    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

  8. #8
    Join Date
    Dec 2007
    Location
    Sunny Scotland
    Posts
    3,285
    Registered Childminder since
    Jun 06
    Latest Inspection Grade
    Grade 6
    Post Thanks / Like

    Default Re: Business Accounts

    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
    Ali xx

  9. #9
    Join Date
    Oct 2007
    Posts
    842
    Registered Childminder since
    Sept 07
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default Re: Business Accounts

    Quote Originally Posted by LittleMissSparkles View Post
    I dont have a seperate account for childminding it just goes straight into my bank account for me to spend LOL
    Me too!

  10. #10
    Join Date
    Jul 2007
    Location
    desparately catching up and in need of s
    Posts
    1,878
    Registered Childminder since
    May 03
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default Re: Business Accounts

    Quote Originally Posted by manjay View Post
    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
    love Kate
    Save the earth it's the only planet with chocolate

  11. #11
    Join Date
    Aug 2008
    Posts
    221
    Registered Childminder since
    july 20
    Latest Inspection Grade
    good
    Post Thanks / Like

    Default Re: Business Accounts

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

 

 

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Quick Links and Advertisements

Important Information Links
Some Useful Quick Links
Advertisements

 

You can also find us on:
Business Accounts Business Accounts Business Accounts

We use cookies to make this site as useful as possible. They are small text files placed in your browser to track usage of our site but they don’t tell us who you are.
By continuing to use this site you are consenting to cookies being placed on your computer. Find out more here: Cookies in Use

Childminding Help and the Childminding Forum are part of Childcare.co.uk