Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: sunshine windies on July 12, 2012, 09:13:19 pm
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Went in to pay some dosh into the usual branch of my bank today, the lady working there says, you do know you cant pay these into your personal account if they are business payments dont you as this is ILLEGAL ??? ???
Is this right? I cant imagine we all have business accounts ?
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I know someone who only uses a personal account for his window cleaning business... not sure how mind??
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Yep sounds about right fella - I almost felt like I was forced to get a business account by Barclays, they really made it difficult at my local branch to pay in chqs and cash every week.
On the plus side, I opened an account with HSBC which gives free business banking for 18 months.
After that, I don't mind shopping around and taking my business elsewhere if I can get a better deal :)
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i guess they are keen to get me over to a business account as obviously i'll be paying for that (with lloyds ) but i wonder am i actually in the wrong with what i'm doing ???
i'd rather just carry on with personal account as i cant be arsed to go through the whole opening a new account saga....
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I bank with Santander, business account, and its free ;)
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i guess they are keen to get me over to a business account as obviously i'll be paying for that (with lloyds ) but i wonder am i actually in the wrong with what i'm doing ???
i'd rather just carry on with personal account as i cant be arsed to go through the whole opening a new account saga....
No your not in the wrong as long as you can justify which monies is use for business and which is personnel useage. But do get any cheques made into your name instead of your trading/business name.
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As a sole trader you are perfectly within the law using your personal account , you just have to keep a record of income and outgoings etc .
She is wrong and if I was you I would suggest to the bank that they need to train their staff better .
It's on the hmrc website .
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Yes thats basically what i do when it comes to tax return time, highlight all business transactions on my bank statements and send them off to my accountant,
i find it relatively easy and my custys have never once moaned about making cheques out to my name, i dont see any benefit in changing really as i know a year down the line i'll end up paying over the top business banking rates ::)
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Thanks for the comments,
the battleaxe in the bank had me a bit worried earlier
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Try free banking via the PO / Santander / Alliance and Leicester.
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As a sole trader you are perfectly within the law using your personal account , you just have to keep a record of income and outgoings etc .
She is wrong and if I was you I would suggest to the bank that they need to train their staff better .
It's on the hmrc website .
Exactly what he said!
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i also started a business accont with lloyds tsb and get 18 months free
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it is not breaking the law but you are breaking the terms and conditions you agree to when taking and continuing use your personal account, but cant see how they can force you into it?
i like having a business account, keeps it all in one place.
I bank with Santander, business account, and its free ;)
hi, it is not free for new customers, but still seem very good charges
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Im with Lloyds for my business account. Had my 18 months free banking and am now paying the fees.
There not bad and like any business you need to make money .... even a bank is a business.
I was going to change to a different bank once my free banking ended, but have been very impressed with Lloyds so im going to stick with them. They have been good to me so i am going to be good to them by keeping my banking with them.
I will say though that i only have the business account for cheques, bacs & standing orders ... i dont pay cash in there, that goes into a personal account (Lloyds again)
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Just say its personal
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it is not breaking the law but you are breaking the terms and conditions you agree to when taking and continuing use your personal account, but cant see how they can force you into it?
i like having a business account, keeps it all in one place.
I bank with Santander, business account, and its free ;)
hi, it is not free for new customers, but still seem very good charges
No... I bank with them...and its free...
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Join FSB and get free banking for life with the Co-Op and all the other benefits for being a member
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i bank with the hsbc and use my personal account for the last 12 months with no problems at all. my accountant told me i did not need a business account so i took his advice and told them where to stick it.
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Went in to pay some dosh into the usual branch of my bank today, the lady working there says, you do know you cant pay these into your personal account if they are business payments dont you as this is ILLEGAL ??? ???
Is this right? I cant imagine we all have business accounts ?
Next time she says that, just reply with: "Really, that's very interesting; could you please tell me which piece of legislation covers such illegality as I presume you wouldn't dream of making an accusation like that to a customer without an in-depth knowledge of the law."
;D
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;D If i can remember that i will be sure to say it .......
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I had the same problem with lloyds. Was fed up with em over my isa and they told me I needed a business account as I should not be paying money into a private account. I said what difference does it make if I was employed or self;employed money would still go in the only thing is mine goes in in stages. She would not have it. When I told her that Santander said I could do it so I will transfer all my banking to them she replied that they only want the custy to be happy so just carry on doing what I'm doing.
Cheek of it.
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I just said I already have a business account, its with Santandar over the road and they shut up after that. They are just trying it on because a) they want to charge you more b) they have quotas to meet for new business same as anybody.
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I just opened a seperate account with Santander and pay business cheques into it so it's kept seperate from personal banking. Can't see how it's ILLEGAL, maybe inconvienant for the bank not to be able to charge you as a business account, as we all know how honest and law abiding banks are.