Business bank account?

[csherr80]

Hi

I am currently in the process of registering with Ofsted to child mind and I was wondering if I need a separate bank account or if I will be ok to use my personal account?

Does anyone use a business account and are there any advantages? I know that there are charges for using a business account so not sure if its worth it or not.

Thanks

[cathtee]

I use my personal account and have done for all my minding years and it's been fine.

[adedwards68]

I have a joint acc with hubbie and just set up a personal acc in my name to use for childminding

[Jenna]

I'm in Wales and have been working 12 months come may. When I went on icp training they told me to open a business bank account which I did and luckily it was free for the first 12 months but when I checked with Cssiw at my last inspection she told me I didn't need one so I'm planning on closing it, I hardly ever use it and when I do I seem to be paying cheques in waiting for them to clear then withdrawing the money to put in my personal account so I can pay all my bill it's starting to get on my never s so will close it at the end of the month.

[BuggsieMoo]

Ive got a personal and a business one - only after I had Edenred vouchers paid into my Bank account and Lloyds froze my bank account as they suspected money laundering and called me in for a meeting. Thankfully I could prove who Edenred are, showed all my invoices and receipts for said parent and my registration certificate (even though bank had me as a registered childminder from home) and my bank account was unfrozen. However due to this issue - I opened a business bank account as 3 days without access to any funds and bills being put on hold was no fun at all x

[NI MINDER]

I have separate personal account too. I was told to put childminding money through this even if in cash - or at least percentage of it. Means if ever audited they can see money moving otherwise they are entitled to go though personal joint family account which I would be unhappy about - not that i have anything to hide.

[MrAnchovy]

I have separate personal account too. I was told to put childminding money through this even if in cash - or at least percentage of it.

If it helps you keep track of cash income by putting it in the bank then do so, but there is no point putting just a percentage in.


Means if ever audited they can see money moving otherwise they are entitled to go though personal joint family account which I would be unhappy about - not that i have anything to hide.

If you are ever inspected by HMRC they will go through every account you have anyway.

The only reason to have a business bank account is because your bank makes you - but if they threaten to do this, tell them you will move your account somewhere else.

[Chatterbox Childcare]

I have a business one (personal account) and a personal one. All monies go into my business account and because it is a standard personal account no fees :)

[NI MINDER]

[QUOTE=MrAnchovy;1228859]If it helps you keep track of cash income by putting it in the bank then do so, but there is no point putting just a percentage in.



If you are ever inspected by HMRC they will go through every account you have anyway.


Oh dear guess I have been misinformed then :(

[chriss]

I have a business one (personal account) and a personal one. All monies go into my business account and because it is a standard personal account no fees :)

what do you mean by a business account (personal one) :)

[chriss]

I have a business one (personal account) and a personal one. All monies go into my business account and because it is a standard personal account no fees :)

what do you mean by a business account (personal account).

[adedwards68]

I imagine they mean a personal account that is used for their childminding business

[Chatterbox Childcare]

what do you mean by a business account (personal account).

It is a personal account that I put all my business income in to