business account?

aly · 26-06-2008, 05:14 PM

does anyone have a business account for childminding or do you just use a normal account?

**sarah707** · 26-06-2008, 05:17 PM

When I was married I had my own account so the childminding money stayed separate ... it made my accounts / tax returns easier.

Now, I just have my own account - not a business one

**katickles** · 26-06-2008, 05:25 PM

I just have a normal account

**wendywu** · 26-06-2008, 05:26 PM

Just have a normal account that is all you need

**tulip0803** · 26-06-2008, 05:33 PM

I always used my normal current account

**Lou** · 26-06-2008, 05:50 PM

It all just goes in to our joint account as does hubbys wages, everything is joint except for the fact that he isnt allowed to spend any money!!!!

**littlesprogs** · 26-06-2008, 05:57 PM

Originally Posted by Lou

It all just goes in to our joint account as does hubbys wages, everything is joint except for the fact that he isnt allowed to spend any money!!!!

haha same lol!

I also have a seperate savings account to put money aside for tax purposes.

**tulip0803** · 26-06-2008, 06:29 PM

I worked on the principle "what's yours is mine and what's mine is mine"

His money went into a joint account and mine went into my own account

**Pudding Girl** · 26-06-2008, 06:30 PM

It's a seperate account yes but not a specific business one.

**manjay** · 26-06-2008, 07:57 PM

Business accounts cost money

Dh and I both have seperate accounts and I just transfer what we need to pay bills into a joint one

**miffy** · 26-06-2008, 08:20 PM

I just use my normal current account - you don't need a business account and, as Amanda says, they usually cost money

miffy xx

**manjay** · 26-06-2008, 08:36 PM

Originally Posted by miffy

I just use my normal current account - you don't need a business account and, as Amanda says, they usually cost money

miffy xx

It used to be one of our favourite games when I worked in a bank. Playing detective and trying to work out who was using a normal account as a business one. You need to have a fair amount of activity and tbh a childminders business account would not make the bank much money but we got brownie points for spotting them

**Trouble** · 26-06-2008, 08:38 PM

i had a business account until i found out after 12 months they were going to charge me for cheques paid in

now i have a ordinary one

aly · 27-06-2008, 11:43 AM

thanks all.

i have 2 accounts in 2 banks. basically im reclaiming bank charges so opened new accounts with new bank but keeping old ones so they can pay money back into them [i will then close bank]

I will keep 1 of the accounts just for the childminding

thanks

**cloud9** · 27-06-2008, 06:21 PM

Originally Posted by aly

does anyone have a business account for childminding or do you just use a normal account?

I have a separate business account you don't legally have to have one but it is recommended you do have one as the tax man can actually ask to look at your account to ensure everything is as is meant to be.

**Cazz** · 27-06-2008, 10:23 PM

Originally Posted by manjay

It used to be one of our favourite games when I worked in a bank. Playing detective and trying to work out who was using a normal account as a business one. You need to have a fair amount of activity and tbh a childminders business account would not make the bank much money but we got brownie points for spotting them

Snap! It depended how nice the customer was to us as to whether we "shopped" them!

Carole x

**ChocolateChip** · 13-07-2008, 03:45 PM

I have a seperate account but it's just a normal one- I saw the small business advisor and she actually told me just to do it this way and not have a business account. They do give me funny looks though, when I pay in £104 and then take out £100!

**claireLouise** · 13-07-2008, 11:53 PM

I have 2 busines accounts with the Abbey National. One current account and a savings account so I can put aside for any tax bill or unexpected bills.

At the Abbey National ,most of the banking is free for life and my branch had other childminders and seemed to understand my needs.

The only draw back is transactions e.g depositing cheques/ transferring money is either done through a cashline machine , by post or the Internet. There are no business account branches (yet).

Hope this helps

Claire

**Chell** · 14-07-2008, 06:51 AM

The only difference with a business account is that you can be paid with cheques using made payable to your business name rather than yours, no big benefit as a childminder really.

Abbey business banking is free as mentioned above. I presume that as a childminder you are class as a sole trader, there is no legal regirement to have a seperate account but it does make things easier for tax purposes.