Need an account for my VAT.

mpg

Hiya folks

I am about to take on a contract that will means I'm to charge VAT @ approx £800 per week

I'm going to need an account that I can pay this amount into plus some extra to cover my NI.

I would prefer to be able to access this account online for the easy transfer of money.

Or is there a better way

Cheers
Matt

opinions4u

Sole trader or limited company?

bargainhunter_3-2

I opened a business account with Barclays - I found it to be much simpler than opening accounts with HSBC or LLoyds TSB and it's simpler still if you already have an account with them. Banking is free for the first year and all online transactions are free after that. If you are incorporated you'll need to show them your certificate of incorporation and VAT registration certificate.

oldfella

Abbey and A&L provide free business banking

isofa

Most banks provide free business banking for the first year, and you can usually renegotiate further, I had 1 year free with Lloyds, next year 50% fees, third year 75% charged etc. But as I also get interest, and this covers the fees no problem, most also have various tariffs, the online/BACS transactions are pretty cheap on some tariffs where cheques are expensive and vice versa.

I've had business accounts with Barclays and Lloyds TSB, and have found LTSB to be more straightforward and professional IMO.

Before I realised what a shower Abbey were, they did try to tempt me away, but they made such a hash of some personal accounts, that I'd never trust them for a business account, Shabby Abbey! I told LTSB they were tempting me with lower fees, and I got another free year of banking, plus an excellent service, I like their online banking and control panels too, it's clear, straightforward and secure.

The OP should ensure all your business banking goes into this account, not just the VAT element!

mpg

Cheers folks

I'm a sole trader using sub contractors.

I have had problems before...money managing

so i need to make it as simple as I can

I have a business account with the RBS as I have my mortgage and current account with them. (And their giving me 2 years fee free) and now I get my own account manager who I can go to with all banking requirements

The Weekly invoice will be paid directly into my business account and then I'm after transferring the VAT portion and some for NI. into a savings account then after I do my VAT and NI whatever is left over is a nice bonus.

I will also pay all sub contractors and myself a set wage out of my business account