Business account

[chezzagriff]

Do we have to have a business bank account? I have a current account and a savers account and I was just going to take so much out a month to put in my savers account for tax at the end of the year and put the rest into my current account. I dont see the point of me having a business acount.

[jashol]

I have the same ! X

[lynncjt]

I agree - just one account for me.

[hectors house]

I am in process of registering to deliver funding and thought a separate bank account would be useful - I asked in bank last week about a business account and the lady on the till said I MUST have a separate account the inland revenue would insist on it to show the money that goes into and out of the account. I said everything was documented in my accounts book (income & expenses) and the inland revenue DIDN'T say it had to be a separate account.

She said that if the bank thought I was paying in lots of cheques they would insist I had one, I said it is one cheque a week, one direct transfer into account each week, two monthly payments by childcare vouchers and one parent pays cash - which I choose to use to pay for my shopping that was my choice.

I document everything, even if you are paid cash these days there is a paper trail, of benefits, tax credits etc - it's just not worth trying to hide income.

I only considered a business account as I want to give my business a name for advertising and marketing purposes - but if I don't get separate account it could be problem if people make cheques out to business name rather than me.

[lynncjt]

I don't accept cheques any longer! Only cash, bank transfer, or vouchers. Nationwide have been fine with the amounts I have been paying in.

The Inland Revenue have no say over where you keep your money as long as you keep track of it!

[Tazmin68]

I just have a serperate current account not a business one as that would incur charges. I was told to do this way back in 2007 by local authority as would be good practice.

[chezzagriff]

Yes I will be documenting everything, its just my current account only has my wages going in anyway so if I were to open a business account then my current account would never be used so would be pointless. I dont think the bank should be allowed to insist you have an account you dont want but I guess I will just have to cross that bridge I come to it.

[jashol]

Am sure they charge you a monthly fee to have a business account maybe why they try to insist you have one , my bank told me the same too but I told them I didn't need one and if the tax man wants access to my account he can as we have nothing to hide , it doesn't matter what so ever where you put you money it all backed up with receipts and paperwork mine all pay direct into my bank

[annieR09]

i am looking into delivering the early years funding and have been told by my local authority that i have to have a business account to access it. Not happy as it will cost me to have this sort of account, at the moment i just have a personal account in my own name and everything is paid in there and loogged in accounts. I take it not all authorities insist on this

[Tazmin68]

Mu la said that seperate current account would suffice and don't pay for a business account

[shortstuff]

I used to work for one of the big banks, they like to get people to take business accounts as they charge for paying in and sometimes other features. It can be costly so would just use a personal current account.

[mummyMia]

I have a current account that I use for childminding. I don't want to pay for a business account. I do find it useful to have a separate childminding account that is only in my name because then dh can't see how much money I am spending on toys. All of our other accounts are joint ones and he would be less than enthusiastic about some of my purchases.

[bunyip]

I use my personal account. I also set up an online saver account and I put a regular amount in there each month to cover various expenses such as training, subscriptions, insurance, etc. That way I'm ready when 4 of my biggest single expenses all pop up in the same month each year.

[hectors house]

i am looking into delivering the early years funding and have been told by my local authority that i have to have a business account to access it. Not happy as it will cost me to have this sort of account, at the moment i just have a personal account in my own name and everything is paid in there and loogged in accounts. I take it not all authorities insist on this

I think on my form it suggests you would have a separate account as written for Nurseries but when a childminder I know rang up whilst completing her form, she was told that as a childminder she didn't have to have separate account.

[Gemma Smithson]

I have a business account purely because I couldn't access the start up grant without it but it with the bank I have all other accounts with and is fee free for two years and after that would only incur charge if paid in or wrote a chq of which I do neither!

[chezzagriff]

I have recieved a form from HMRC for an instruction to pay my national insurance by direct debit so they are going to know straight away but I will just tell them I dont want it. I was worried that there was no choice in the matter but glad there is