starting your own buisiness up.

[thekingiam]

my brother in law wants me to rewire one of his properties but because in the future he might want to sell it and also he has to do everything above board he wants me to name my buiseness and open a buiseness bank account where he can deposit some monney for the work.
went to my bank today and they say that they don't do buiseness acounts and if they have evidence of me using my account as a buiseness they will close my account.
i am not realy getting any profit for the work as it will pay elecsa test etc and didn't realy want tax man involved until i get another job which i could then notify tax man.
could i call my buiseness anything in reason temporary until i get up and running ?
i had a problem getting any bank account for years so wouldn't want to risk loosing the account, would they close it for one check, how would they know if it wasn't regular payments?
how did you guys start up?

 

[adiewadie247]

Go to a different bank? My business account is with Coop. All the main ones do business accounts. Most seem to waive the business charges for 18-24 months.

Business Bank Accounts | Find The Best Business Bank Account

The simplest way is to become a sole trader.
Becoming a sole trader | Business Link

I went the whole hog and registered a Ltd company which is better from a liability point of view, but much more hassle to operate.

 

[ExArmy]

to be honest you don't need a business bank account at first. i still don't have one. what are the benefits??

i've been on my own for 18 months and i just use my personal current account, and i do all my own accounts. as long as you know whats what (i.e what is taxable income and what is a legitimate business expense) then you'll be fine.

 

[thekingiam]

to be honest you don't need a business bank account at first. i still don't have one. what are the benefits??

i've been on my own for 18 months and i just use my personal current account, and i do all my own accounts. as long as you know whats what (i.e what is taxable income and what is a legitimate business expense) then you'll be fine.

do you have problems putting money in? imean do you call your buiseness one thing then ask for checks to be paid in your name?

the women at the till at my bank asked me what was this money from when i put a rent check in the other week! i thought mind you own buiseness.

 

[ExArmy]

just write at the bottom of your invoice: cheques payable to ........ and put your name.

 

[HandySparks]

I just trade under my own name as a sole trader, and have done since I went self-employed 7 years ago. It's never been a problem not having a proper "business name".

I decided that it was simpler to pay business cheques into a seperate business account, but if I was only having very few business transactions, I'd be tempted not to bother as it costs me £5 a month.