Ltd company bank account

ferleck

Hi All

This is my first post - hope I have got it right : )

I have been a sole trader for 3 years.
About 6 months ago I opened a basic business account because I received a cheque payment from a customer rather than the usual BACs payments. I was told that my credit rating was not sufficent to have any other account.

My accountant has now recommended that I become a Ltd company as I could benefit from considerable tax savings, but my current bank Natwest have advised that they would not give me an account in the Ltd company name to accomoodate this.

Any ideas on how I could get around this would be most welcome

Thanks

hippey

Try another bank.

Do you have a poor credit history? And are you going to be the sole director / Comp Sec?

If you are and if you have a poor history this could prove a problem, but worth asking a few different banks.

ferleck

Thanks for responding

Yes, I have a poor credit history. I am the sole trader, but could open the Ltd company account with my husband, do you think this could make a difference?

jakemuk

barclays !.

I hate to reccomend but they would take you on

97trophy

try Abbey.....for basic online banking they are fine (but they are never going to win any awards for service) and they are free for most stuff.

see http://www.anbusiness.com/

Eydon

jakemuk wrote: »

barclays !.

I hate to reccomend but they would take you on

I'd second this (although I have no problem recommending them - and I don't work for them).

I had a Barclays Business Account for over 5 years without any problems - even had a Business Barclaycard to go with it. It was a bonus that I also had personal accounts with Barclays which meant I could transfer funds between the accounts instantly.

ferleck

Thanks I will try Barclays and let you know how I get on

RachelW1987

I would also say Barclays. My grandma swears by them and the company I work for uses them for business banking