Business bank dilema

Clam_Abuse_2

I became a self-employed tech. author about eight months ago and attempted to set-up a business bank.

They messed me about for over a month and in the end I just opened 2 normal high-interest accounts - one for my tax contributions and the other for everything else.

With it being near April, I asked my accountant about how year end expenses and all that work. He told me I just needed to show him my business account records.

My question is: have I dropped one here?!

DesG

If you are not a Ltd Company, and you have an account that is only used for business, you should have no probs.

Cheers, Des.

JoeBloggs001

DesG is correct.

But if you are Ltd then this is not good.

Doesn't matter much about your credit record, most major banks ( and I mean the proper banks ) will take

your Business Account if you can prove a decent incoming revenue ( and we

are not talking large revenues here ).

JoeBloggs001

Tech Author is also a good profession. There is a lot of demand for this type of skill at the moment.

DesG

JB, how have you found HSBC for your business account? I am planning to move my account there from A&L.

Cheers, Des.

Clam_Abuse_2

JoeBloggs001 wrote: »

DesG is correct.

But if you are Ltd then this is not good.

Define "not good".

I'm beginning to panic a little bit now.

DesG

Ah, so you are a LTD Co. then?


Not good, well a Ltd Co is a seperate legal entity and therefore if your name is on the account, the account isn't that of the Ltd Co.

I would ring/email your accountant and tell him and see if there are any implications, and what is the best way to proceed.

Abbey, A&L and HSBC all do free business accounts if you are within certain limits, get one sorted now

(I am with A&L and moving to HSBC if that helps)

Cheers, Des.

Clam_Abuse_2

Thanks for your imput.

I feel like a complete idiot. Effectively the company has been putting the money in my account. Oh dear.

I best apply now then!

Thanks again Des.

DesG

Do apply now, and get it sorted

As you have only used the account for purely business transactions, you may be ok. Again you need to talk with chalky

Cheers, Des.

Clam_Abuse_2

DesG wrote: »

Do apply now, and get it sorted

As you have only used the account for purely business transactions, you may be ok. Again you need to talk with chalky

Cheers, Des.

And so it gets worse...

I'm shaking like a leaf here. I've made an appointment with my accountant next week, and I'm going to ring him tomorrow.

Thanks for your help Des, I really appreciate it. You ever need some manuals writing, I'm your man.