Small Business Account?

colin77

Hi,

Thanks for such a great community, it has helped alot with our finances over the last year and now i was hoping to ask some additional questions now i'm actually in business for myself.

I Have searched the Threads and found alot of infor about Abbey/RBS/First Direct etc as good or bad companies.

We are working off a dangerous but simple business model. we are self funding our project and need to find a cheap/free business bank account.

Our work pays per project, so for 6 months to a year we have nothing come in, then (fingers crossed) if/when a the project is sold we are looking at 100 - 150k (p/a).

i imagine you can see our dilema, first off we cannot keep a minimum in bank to avoid charges, also once we get paid, Abbey for example would want £500 for us to deposit 100k...

Can anyone suggest a solution that can help or work for such a process?

Thanks for any help
Colin

the_optimist

Do you actually need a business account. I'm self employed and just use my current account. It requires very accurate book-keeping, but I know exactly what's business and what's private (and could show Mr Taxman!). As you get money coming in only every so often, I think your current account will be ok.

colin77

Sorry, thought i covered the lot but forgot to say we are a limited company. i am also self employed (backup) and have been for 5 years so opened 2 accounts, one for profit and one for tax, now i guess i need an business account to be limited.

have you any ideas optimist as it's a rather annoying problem atm.

Col

the_optimist

Sorry, Colin, I don't know anything about limited companies. Have you checked the threads in 'Small Biz & Charity Organisers MoneySaving'? Maybe a post there will get you better answers.