!..Benefits of a Business Bank Account..!

[se7aq]

Hello Each....

I have a seperate bank account but was thinking of getting a business bank account. I know some offer free banking but costs aside what are the real benefits. E.g - Is there a business advisor on hand..? Financial support/advice..? Offers such as insurance etc, etc..?! Any benfits for me to HMRC..?

Any ideas? or would you rather do this to me for suggesting it....:83:

se7aq

 

[Octopus]

Having a seperate account OR a business account is what HMRC likes to see.

 

[GOODWIN]

Hello Each....

I have a seperate bank account but was thinking of getting a business bank account. I know some offer free banking but costs aside what are the real benefits. E.g - Is there a business advisor on hand..? Financial support/advice..? Offers such as insurance etc, etc..?! Any benfits for me to HMRC..?

Any ideas? or would you rather do this to me for suggesting it....:83:

se7aq

you need one really, will save you money at end of year less for your accountant to do. hsbc are doing free banking for around two years at the mo their who im with

 

[IQ Electrical]

Yes, you'll get a business adviser, maybe some free accounting software and as already mentioned, you'll have segregation of private and business income/expenditure which does make year-end stuff a bit clearer!

 

[topquark]

If you're a limited company you'll have to have one. The downside to them is they do charge (for both deposits and withdrawals), although you may be able to get a year or two "free banking" from some of the high street names.

 

[The Cavalry]

To add my 2p worth.Been self employed for almost 20 yrs.have been through most main banks in that time. I had a 'free' account with A&L now santander, would not go anywhere near them. have spent this year to date trying to close it! Free normally has a catch somewhere. With barclays now, I pay money into my personal account if it is chq or cash then transfer to business acc. Bank transfers are free.

 

[sparks_114]

This is where it helps to have an accountant as a mate and a client. If he "screws" me I "screw" him so he tends to take it easy. After I've done work for him I wait till the end of tax year to settle the score! On the bank account side of things he tells me it's better to have a separate business account because if the tax man ever came after you he would only ask questions about the business account but if you're using your personal account for any and everything he can ask you anything to do with it and the accounts of your family too if they've ever transferred anything into it! Some of this info might be watered down and as a matter of fact, I think I'll stick to electrics!

 

[netblindpaul]

It's called tainting your personal finances and is to be avoided unless you & your family want to be raped without any recourse should you have a tax investigation!

 

[sparks_114]

By the way guys, I in no way am advocating tax evasion or even avoidance for that matter. The state has helped me in times of great need and I am more that happy to put in my fair share into the public pot. But obviously we all have a living to earn and can't be burdened with a heavy handed tax investigation so better play it by the rules and stay on the right side of the law and don't invite any unnecessary burden on yourselves.

 

[Electricalserv]

Santander free business banking for life.

 

[tony mc]

Santander free business banking for life.

Just had a look but whats the CATCH ?

 

[Dunc]

I'm with HSBC for Business Banking. After a chat with my business bank manager which arose from another bank offering me free banking i was moved on to a new tariff which has made it free so far. The new tariff is largely online so i get a statement every quarter rather then month. All BACS payments are free, i can pay in 20 cheques and write 20 cheques a month before fees kick in and the credit card costs me an annual fee of 30 something quid a year. They do charge a fair whack for paying in cash but i always note on my invoice that payment was in cash and what was done with it (wages for me or petty cash etc). Very happy with the service i get and the online banking is very secure and well structured plus it keeps business and personal money separate which is far easier for the accountant to follow.

 

[SJE Electrical]

Depends what turn over you have depends on the best business banking package! I used to be with Lloyds but found them unhelpful, unreasonable, expensive and there expensive prime time business banking adverts would annoy me :angry_smile:

Now banking with Santander, if i pay in more than £1000 a month there are no charges (£5 if you don't). The telephone banking is in Scotland (Very helpful!) not the other side of the world and if i want to pay a cheque in at 3am i can, most of there atm machines can accept cheque or cash payments!!

 

[Electricalserv]

If you are transacting large sums of money all the time Santanders charges are quite steep. But for a sole trader it is a perfect account and you are very, very very unlikely to receive any charges!

 

[tony mc]

Thanks
Think I will have a look at them.