[JSMC]

do you all use them or just use your normal bank account?

i am with nationwide and just bank my cash in there each month.

what are the pros and cons ?

[Mike #1]

business account with bank of scotland ,  you need to keep all your business expenses separate , easy to keep track off for myself and accountant .   MIKE

[dave.e]

do you all use them or just use your normal bank account?

i am with nationwide and just bank my cash in there each month.

what are the pros and cons ?

my accountant told me not to bother with a business account being a sole trader because it was not worth it so took is advice and just use my own account now and saving loads of charges happy days.

[stuart mc]

how do you lads bank cheques in your company's name with no business account, or recieve BAC's from clients

[Lee GLS]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

[stuart mc]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

I can't see my commercial work agreeing to that, it makes you look like you are on the fiddle, even if you aren't, not very professional

[mike roberts]

co operative bank ....free business banking

[Lee GLS]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

I can't see my commercial work agreeing to that, it makes you look like you are on the fiddle, even if you aren't, not very professional

So why are you bothering with this topic, its quite obvious that you cant have a normal current account and have cheques with a business name going into them.

I have my commercial work make cheques in my name, I dont see the problem, and why wouldnt they agree, you clean their windows you say make it out to Mr... how can they refuse, and why does it not look professional??

[stuart mc]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

I can't see my commercial work agreeing to that, it makes you look like you are on the fiddle, even if you aren't, not very professional

So why are you bothering with this topic, its quite obvious that you cant have a normal current account and have cheques with a business name going into them.

I have my commercial work make cheques in my name, I dont see the problem, and why wouldnt they agree, you clean their windows you say make it out to Mr... how can they refuse, and why does it not look professional??

I am bothering with this topic because the poster asked for pro's as well as con's of having a business account.

so for me cons, monthly charges
pro's I can receive cheques in my company name and do business to business in a normal professional manner, not knocking either method.

[dave.e]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

lee you got it in one

[dave.e]

Get the customer to make them out to your name, don't bother with a business name on a cheque. Anyone can send a BACS transfer, so again it doesn't need to be a business account

I can't see my commercial work agreeing to that, it makes you look like you are on the fiddle, even if you aren't, not very professional

i will pro-tend i did not read that one mate just because you do not have a business account don't mean a thing

[mike roberts]

Some major commercials we work for would only pay into a business account as per name on purchase order or proforma.

One bonus is the accountant does not see my personal account - and why should he ?

[stuart mc]

Exactly mike

lee/dave not having a pop or suggesting you are on the fiddle, but you have a company name, website etc. advertising your business name, if you were doing work for me I would expect to paying that company name, Imagine contacting a supplier and he said yes send a cheque to joe bloggs, because that is what we are to the clients a supplier.

I just can't imagine after having a web site picking up a commercial and producing my invoice with the company name on it and saying make cheques payable to another name

[dave.e]

Exactly mike

lee/dave not having a pop or suggesting you are on the fiddle, but you have a company name, website etc. advertising your business name, if you were doing work for me I would expect to paying that company name, Imagine contacting a supplier and he said yes send a cheque to joe bloggs, because that is what we are to the clients a supplier.

I just can't imagine after having a web site picking up a commercial and producing my invoice with the company name on it and saying make cheques payable to another name

i do not do commercial work and will never do any i have a big house i do he as a invoice every month his wife works has a tax inspectors' and when i started she made the cheque out to my business name then i closed the account down and she now makes the payment to my   personal name witch she has no problems with. in all the years i have been doing window cleaning i have never had problems with cheque being made out to my name and if the tax office wanted to see my account then fine i would high lite every thing because i have nothing to hide. not only that if they did a investigation on me or any one else you would have to show your personal account anyway so can not see the problem.

[stuart mc]

Dave I don't have a problem with how you do it, I was trying to show the poster some of the upsides of having a business account, but as you don't do commercial it doesn't matter to you. but it may well to him.

[mike roberts]

Look no ones having a go  : why is this side of the forum so xxxxxxx jumpy

As you say you only do domestics, but for large commercials its not just a simple matter of asking them to adjust cheque and make it out in you name. Usually it takes forever to set up account everything needs to be 'ticked' off.
Hence far easier to have a designated business account and yes ..sorry I still think it looks more professional especially if you have supplied a written quote / invoice under your company name... as Stuart has posted.

My comment about accountant does not see my personal account - for me personally i hate them like estate agents I can view his companies data turnover etc ....But not his personal account, so why should he be privy to mine? - but thats me just being mad   Obviously the tax man can see it no prob

[Dave.]

I'm looking to change my business account  from LloydsTSB as the charges are getting steadily higher each month (which must mean I'm paying in more  cheques )

I don't pay in cash because it's too expensive to pay that in, instead that covers my day to day running costs and drawings.

Is the CO-OP free business banking regardless, or do you still have to be a member of some small business association which is affiliated to them?

I like the look of Santander, but as the nearest branch is about 20 miles away, does anyone know if you can pay in at the post office or other banks without being penalised?

[dave.e]

Dave I don't have a problem with how you do it, I was trying to show the poster some of the upsides of having a business account, but as you don't do commercial it doesn't matter to you. but it may well to him.

OK mate no offence taken just me having a mad moment

[mike roberts]

I'm looking to change my business account  from LloydsTSB as the charges are getting steadily higher each month (which must mean I'm paying in more  cheques )

I don't pay in cash because it's too expensive to pay that in, instead that covers my day to day running costs and drawings.

Is the CO-OP free business banking regardless, or do you still have to be a member of some small business association which is affiliated to them?

I like the look of Santander, but as the nearest branch is about 20 miles away, does anyone know if you can pay in at the post office or other banks without being penalised?

I think you may have to be a member of fsb costs around £160 ish, buts once your in totally free cash cheques or fast trac payments, you can use postal service, bank or local post office (if you still have one!) you then receive loyalty payment every year £25. (wow but better than nothing!)
I used to be with lloyds cost a fortune how can they charge for cash deposits drives me nuts

[Frankybadboy]

no need to have charges on you business account,there plenty that offer free banking for life.


also paying business money in to a personal account is not allowed by the banks,read t&c or small print of your account.

ive swapped over to santander 5 mths ago for free banking for life from the hsbc who where chargeing me £25/£30 a month.
when swapping over i got £100 from santander for do this,so far so good.