Been thinking about switching myself to be honest ...
TBF most customers pay by transfer and very few with cash so costs are minimal.
From business to personal Andy?
Got any direct to debits going out each month?
O
One Day
Me too.
I only bank about 2 invoices a month at the most.
Why pay crazy charges just to use my trading name on an account, with no other benefits?!
Yes.....
like you most pay bank Transfer , the odd cheque....but still seem to get charged about £15 a month for some reason
W
White Room
I did find though that some customers ask, if paying by cheque, what name do I write on it and I say my name.
One did write my trading name which got a bit arkward when producing it to the bank.
One did write my trading name which got a bit arkward when producing it to the bank.
O
One Day
Bank transfer is definitely the easiest way though. Can't beat it.
F
Flintstone
I just use my personal account and have always done so, why change ?
F
Flintstone
No fees for anythng
L
lmkitchens
Using your personal account can be a PITA if you ever get investigated as they will want to know what every little transaction is.
I personally have a business account, I pay charges on cash paid in over £1000 only. I have a monthly bank fee, all charges go against your tax bill so why worry?
I keep mine separate and just pay my wages over weekly by direct debit, keeps things simple especially when doing book work.
I personally have a business account, I pay charges on cash paid in over £1000 only. I have a monthly bank fee, all charges go against your tax bill so why worry?
I keep mine separate and just pay my wages over weekly by direct debit, keeps things simple especially when doing book work.
W
White Room
If you have a business account and a current account does both accounts get checked by an accountant ?
L
lmkitchens
No because my current account is my personal account, only my wages go in there. Which are DD from my business account.
W
White Room
The reason I ask is I know plumber who pays to have both accounts pawed over by his accountant.
My plumber just has one account with his and his wife's name and they both have access to it, they pay for shopping etc out of one account, no idea how long it takes to reconcile everything.
Business account for business and personal for myself, and I intend to keep it that way.
Business account for business and personal for myself, and I intend to keep it that way.
L
lmkitchens
You should only need to do that if your are a plumber AKA ropey as fu*k LOL
F
Flintstone
It's very simple for me using my current account, any more that goes in is money I have earnt, anything I want to claim for I have a receipt for.
J
J Sid
same as, same as
As others say, just use a current account, no fees. You don't have to use your personal account, just setup another. TSB give 5% cashback on up to £100 of contactless payments a month on their classic account too, so there's a free fiver a month there. Plus they pay very good in credit interest!
A quick Google and found out there's no legal requirement to have a business account if your a sole traders or in a partnership......only if your a limited company.
H
hmtiling
Same as, same as, same as🙂
I
Ian
I got rid of my business account a couple of years ago, it wasn't getting used that much as any BACS I just had paid straight into my personal account so I wasn't forever moving money around. Even though the account was inactive, I still got charged a fiver a month fees and ended up owing them. That was when I just closed it down.
O
One Day
Ditto. I got hit with a 25 quid fee for a mastercard I didn't want, ask for or ever use!
After complaining they refunded it - to the card!
To get my 25 quid back I would have to activate and use the card, then get charged 25 quid for using it!
After trying to sort that mess I simply closed the account.
B
blue_max
Perhaps if you don't provide a receipt, there is no come-back. Tiles are on the wall - for now 😀
Tut tut surly no one would do any work and not declare it then pocket the money ???
M
MW Smith Ceramics
Yep, business accounts are expensive over the year , I use a current account - ( no charges ) - happy days
O
On one
The time is surely coming that all Banks will charge you a monthly fee for operating a personal or business Bank account, so basically charging YOU for having access to YOUR money.
Cash, here we come?
Cash, here we come?
W
White Room
Santander does, £5 a month....
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