getting business money into current account?

liquorice_2

Hi everyone.

I am having trouble opening a business bank account which I think I have found the reason. while I am waiting for that to be resolved and then be able to open a business account, can I accept payments into my current account?

My personal bank is with HSBC and I have an unused savings account in it so I am hoping I will be able to do the following;

Get paid into my current account
keep my salary, dividend etc and then transfer the rest into the unused savings account?

Will this be ok for a few weeks?

Thanks In Advance.

Joe

richt71

Joe,
As I posted on another thread I'd strongly recommend you put all business money into a seperate account of some kind. Never mix business money with your own personal funds. The problem with mixing money is the tax man can get pretty upset..very quickly. They think you are not declaring all funds if you mix the money. I posted the story of a mate who got into serious trouble for mixing money and had to account for all cheques going into his personal account and had to accept a fine. Doesn't need to be a business account...just a totally seperate one to your personal current account.

Snow_Dog

I would totally agree with richt71, not sure why you are having difficulty setting up a business account unless you are asking them for money at the same time of course.

Best solution would be to open up a standard account just for the business money, explain to the bank person who you are sorting out the business account with, they should be able to help arrange this (if they want your business).

liquorice_2

Cheers for the reply guys!

I have found out why I was having problems setting up a business account!

For some reason, the address I have lived at for 26 years recently has vanished from there systems, well, actually the last letter of the postcode has change from a 'G' to a 'E'. So when I have been applying for stuff it has filed CIFA's or something like that against me, basically applying for things with fraudulent information.

Hopefully is sorted now, explained it with my bank, been through a load of stuff with them. Found it a lot better going into the bank face 2 face rather than over the net.

Also, A lot of the work I will do will be through an agency and they can only pay my LTD Co. so will need the business account for that.

richt71

liquorice wrote:

Cheers for the reply guys!

I have found out why I was having problems setting up a business account!

For some reason, the address I have lived at for 26 years recently has vanished from there systems, well, actually the last letter of the postcode has change from a 'G' to a 'E'. So when I have been applying for stuff it has filed CIFA's or something like that against me, basically applying for things with fraudulent information.

Hopefully is sorted now, explained it with my bank, been through a load of stuff with them. Found it a lot better going into the bank face 2 face rather than over the net.

Also, A lot of the work I will do will be through an agency and they can only pay my LTD Co. so will need the business account for that.

Yes you'll need a LTD company account as cheques etc will only be payable to your LTD company. Try opening a treasury account at the halifax. No credit checks are needed. Just id and company formation proof. You get a paying in book that you also use for withdrawals.

liquorice_2

Hiya, Do you have an online link, had a look but no luck.

Or Is this a go into branch job?

Is there any specific answers i will need for opening a treasury account? or is the fact all i want to do is pay in money and take out less for wages so it will always be in credit good enough?

TIA

richt71

liquorice wrote:

Hiya, Do you have an online link, had a look but no luck.

Or Is this a go into branch job?

Is there any specific answers i will need for opening a treasury account? or is the fact all i want to do is pay in money and take out less for wages so it will always be in credit good enough?

TIA

Go into a branch mate. Ask to open a treasury account. They may not be aware they have such a thing to begin with and they'll definitely try and steer you down the line of opening a full business account (with credit checks etc). I just said my accountant told me a treasurury account was what I needed. Remember to take personal ID and companies house letter for onfirmation of your ltd existing.

liquorice_2

cheers buddy.

Ill update you on friday hopefully.

liquorice_2

Interesting morning today.

Halifax were not very helpfull and kept trying to get me to apply for a business account.

For the treasurury account I needed headed paper & accounts for the last year or a letter from an accountant.

I then walked over the road to lloyds and got a propper business account opened.

They just looked at my pay slips from brooksons and listened to what I said, checked my ID etc then all was done. 18months free banking so happy with that too!

Cheers for all your help.

ukbill69

LLoyds are very good with accepting any business, even if you have defaults on your personal account.