Should i open a business account???

emilyxxx8

Hi All,

I have just started doing Body Shop at Home. I want to open a seperate account for this so i don't get any monies mixed up with my own and i can see if i'm actually making anything.

Would you recommend setting up a business account or just a normal current account??

I know i have to go self employed but i have no idea about self employment, can anyone give me any advice?? (i also work full time employed).

Thanks muchly xxx

NET.WEB

Hi,
Need help with Business account also.
which bank is better to work with for this purpose please?

Horace

OP, you need to register your self employment with the HMRC (https://www.hmrc.gov.uk) and that way you can sort out your tax and NI contributions and you would need to fill in self assessment tax returns with details of your self employment and your employed work.

It is best to have a separate account - I must admit that I have free banking with the Co-op via the Federation of Small Businesses which suits me because it means that I can pay in cash or cheques at the post office and I don't get lots of charges which is what tends to happen with other banks. I think also that Santander also run a similar scheme via the post office.

MichaelCR

I have a business account with Lloyds TSB, Although i recommend For starting out a small business like yours perhaps set up a basic bank account with barclays or co-operative ? Both include Visa Debit cards that can be accessed at any cashpoint and online banking facilities.

Although i don't use my business account anymore (i guess it was nice to have abit of plastic in my wallet with my company name and my name on it) The reality is that you get charged for pretty much everything you make on the card (cash withdrawals, Transfers, Payments), And it saves you from having to worry about setting up your tax and everything (Obviously if your turning over quite alot you will need to register as self employed), So my suggestion is open a small basic account, Then if you start making loads of money, Go in branch and discuss with the bank manager about opening a business account, they'll help you out alot.