Setting up my own business

Chopper83_2

I am in the process of starting up my own business and was wondering what bank account to use and which bank.
I am selling upvc roofline products, so i could be selling 1 part or a thousand parts. What I'm saying is, I'm not sur how fast my cash will be coming in at first although it will definitely be coming in. I won't need any type of loan as I'll be funding it myself. I want I currently bank with santander if that is any help.
As you can probably tell, I'm clueless so and advice would be really appreciated.

jonesMUFCforever

See an accountant - there are a lot of different things to worry about apart from just a bank account.

PROLIANT

If you are a sole trader then use a current account in your name, as you are the legal entity not the business. I use this method and it works well, it is also legal.;)

JoseChungsDoomsday

PROLIANT wrote: »

If you are a sole trader then use a current account in your name, as you are the legal entity not the business. I use this method and it works well, it is also legal.;)

be careful with this - using a current account as a business account is against any banks T&C's and will close the account if you get caught

PROLIANT

JoseChungsDoomsday wrote: »

be careful with this - using a current account as a business account is against any banks T&C's and will close the account if you get caught

Agreed, but they have to prove it and it is encouraged by Business Link et al.

savagej

Santander are the cheapest on the market at the moment as far as I can make out and it is not a 12 or 18 month offer, it is for life. But they do have a terrible customer services reputation but if you are dealing mainly in BACS, FPS, DD, Debit Card withdrawals (the automated transactions) I would imagine you should be okay.

Also take a look at the Federation of Small Busniess Website, you can find it through Google.