[George P]

As far as I'm aware I didn't think it was illegal or against policy to use a private account?

should have a business account if in business, but get away with it as long as you can, little tip - we have business account and its around 60p per cheqque so we ask some customers (domestic) to put my name on and not business name, put them into private account and once per month total it up and do 1 cheque into business account,

The only problem with that is that if you get investigated by HMRC they will be able to argue that they can look at your personal accounts as there is what they call 'contamination' between the two accounts

This is what an accountant told me tho' I'd imagine they could find a way to do it anyway

you are best off keeping the two seperated.


not sure but i think if they wanted to investigate they could check all accounts,

[CLEANCARE WC]

Santander free banking for life ended at the end of October

I got in just in time

My biggest problem is the nearest Santander is nearly 20 miles away - so I'll still not be paying in cash, and I'll be posting the cheques in the prepaid envelopes.

Aparently they are looking at being able to use the post office for business accounts in the near future

THEY ALREADY USE POST OFFICE

[Paul Coleman]

hmm some interesting opinions on here.

Thanks paul for your advice, problem is the 3 grand limit isnt going to cut it with my growth plans, i took one lot of rounds from one month, and merged them together. So this month im clearing nearly 6 and a half grand, with a view to getting the alternate months up to a simular figure, this is porbbably why im getting called by them.

i might well have to bite the bullet, go ltd in april and just go for it.

anyone use a merchant account?

That's a very nice turnover level for a sole trader Marc.  Take care re VAT being on a rolling 12 month cycle - unless you already are involved with VAT.  In the area where you live, I can see how such turnover is possible if you're prepared to work hard.  I could probably get closer to that myself if I made a concerted effort to gain more well paid work and either increase the prices of the lower paid jobs or sell them on.  I would have to increase my travel to work area to achieve it though.  I do find though that at 54, I do need to have much easier weeks periodically for my body to catch up.  By "easier", I mean a week of doing maybe half days without rushing around too much.  I always feel a bit more refreshed after such a week.  Even on such a week, I stil earn far more than I would working for someone else.

[Neil Williams]

I can't believe some of the comments on this thread. Just get a business account to run your business, pay yourself a wage from it and get 3-6 months worth of 'float' in the account to see you over any rough periods or equipment issues.

£6k a month and fussing about bank charges is just daft, you're in business, run it like one.

Great call. All these 'professional' earning 'loads' but just can't be bothered to run their businesses as such. One account for the business and one account for personal is the least you should have, and you might just find it cheaper in accountancy fees too which will easily off set the costs of a business account.
Have everything in one account and the the accountant (who charge per the hour) will take longer to go through everything deciding what is personal and what is business.

[Paul Coleman]

I can't believe some of the comments on this thread. Just get a business account to run your business, pay yourself a wage from it and get 3-6 months worth of 'float' in the account to see you over any rough periods or equipment issues.

£6k a month and fussing about bank charges is just daft, you're in business, run it like one.

Great call. All these 'professional' earning 'loads' but just can't be bothered to run their businesses as such. One account for the business and one account for personal is the least you should have, and you might just find it cheaper in accountancy fees too which will easily off set the costs of a business account.
Have everything in one account and the the accountant (who charge per the hour) will take longer to go through everything deciding what is personal and what is business.

Not a good idea to mix the two but I do sometimes find it unavoidable on the expenditure side as some items have a part business/part personal apportionment (e.g. the van).  In fact, I have two business accounts for one business - though that was because Mickey Mouse Santander wouldn't show the BACS references for a long time.

[StockClean]

Yep yep yep paul and neil,

im just going to go for it.

i will be doing merchant account too me thinks.

Im not at 6 grand per month every month, as the alternate months are ranging between 1800 and 2200 so got a little way to go yet, bit on an un eaven work load there. December is about 1900 january is 6200 so you see what i mean?

By the time im in me 50s i want a fleet of vans doing it for me so i better get on and just do it.

 

[mike roberts]

Marc.  There are several routes you can take.  For many years I used Santander small business account.  You can deposit cash and cheques at the ATM out of hours.  This is convenient because I live near a branch with an external ATM.  It fell down when I started using BACS a few years ago.  They stopped showing the customer references and took well over a year to put it right.  So I don't trust their competence (it took them 6 months just to admit there was a problem).  Santander is free up to 100 cheques per month and £3k cash (I think !!).  It sounds like you intend to expand your business so this may not be the best option for you.
So I started a Co-op business account.  This is also free so long as you are an FSB member (£100 p.a. for sole traders but a bit more in year one).  IMO this is worth the money.  You get accountancy costs covered if ever investigated by HMRC and free legal advice.  There are other things too that I can't recall.
Co-op do show the BACS references too.  You can make deposits at post offices, sub post offices or Britannia building society branches if one is in your area.  Regarding post offices you can nominate up to four but if you keep switching they have a problem with it (I never did quite get why).  Obviously deposits would have to be made in work hours which may affect your income.
If you live fairly near to a sub post office and have a partner who can make deposits when you need them to be made, I reckon a free Co-op account along with FSB membership could be your best route.
The problem with switching banks is that the account number changes - affecting incoming BACS payments.  There have been mutterings for fixed account numbers - making it easier to switch - a bit like switching mobile phone company but keeping your number.  Hopefully this will come into being sooner rather than later.

EDIT FOR CORRECTION:  After reading Frankiebadboy's post, I checked the Santander website.  It appears that the "free banking forever" (up to certain limits) deal is no more. Instead they have free for 12/18 months then cheap banking as he already stated.  No idea when that disappeared as I've been on their free banking "forever" deal for about 10 years.  Hopefully they won't start trying to change the definition of "forever".

Spot on  been with them for yrs top service no monthly fees.... for guys saying you are running a business just pay it crazy ... whatever turnover.. why pay for a service when its free elsewhere with added benefits ?

[Pope vader]

damn banks undercutting each other to get the work

[Paul Coleman]

Yep yep yep paul and neil,

im just going to go for it.

i will be doing merchant account too me thinks.

Im not at 6 grand per month every month, as the alternate months are ranging between 1800 and 2200 so got a little way to go yet, bit on an un eaven work load there. December is about 1900 january is 6200 so you see what i mean?

By the time im in me 50s i want a fleet of vans doing it for me so i better get on and just do it.

 

I'm not as far short of you as I thought once I take the subby work into account.

[Dave Willis]

Stockclean do you work work alone?
I was under the impression that you worked with someone else?

[StockClean]

Yeah i do work alone, but i want to employ someone full time in the next couple of years. I have on occasions subbed out work, but its a can of worms with hmrc as they seem to be able to make the rules up as they go, dont want to cause any reason for hmrc to have an issue, if i employ everything is all above board anyway.

[J. Domingos]

I'm using HSBC direct business. Some cheques, and the rest goes on my main one, that's it, and it's virtual free, really good.

[Londoner]

Marc.  There are several routes you can take.  For many years I used Santander small business account.  You can deposit cash and cheques at the ATM out of hours.  This is convenient because I live near a branch with an external ATM.  It fell down when I started using BACS a few years ago.  They stopped showing the customer references and took well over a year to put it right.  So I don't trust their competence (it took them 6 months just to admit there was a problem).  Santander is free up to 100 cheques per month and £3k cash (I think !!).  It sounds like you intend to expand your business so this may not be the best option for you.
So I started a Co-op business account.  This is also free so long as you are an FSB member (£100 p.a. for sole traders but a bit more in year one).  IMO this is worth the money.  You get accountancy costs covered if ever investigated by HMRC and free legal advice.  There are other things too that I can't recall.
Co-op do show the BACS references too.  You can make deposits at post offices, sub post offices or Britannia building society branches if one is in your area.  Regarding post offices you can nominate up to four but if you keep switching they have a problem with it (I never did quite get why).  Obviously deposits would have to be made in work hours which may affect your income.
If you live fairly near to a sub post office and have a partner who can make deposits when you need them to be made, I reckon a free Co-op account along with FSB membership could be your best route.
The problem with switching banks is that the account number changes - affecting incoming BACS payments.  There have been mutterings for fixed account numbers - making it easier to switch - a bit like switching mobile phone company but keeping your number.  Hopefully this will come into being sooner rather than later.

EDIT FOR CORRECTION:  After reading Frankiebadboy's post, I checked the Santander website.  It appears that the "free banking forever" (up to certain limits) deal is no more. Instead they have free for 12/18 months then cheap banking as he already stated.  No idea when that disappeared as I've been on their free banking "forever" deal for about 10 years.  Hopefully they won't start trying to change the definition of "forever".

Spot on  been with them for yrs top service no monthly fees.... for guys saying you are running a business just pay it crazy ... whatever turnover.. why pay for a service when its free elsewhere with added benefits ?

+1 never pay for anything if you can get it free