Limited Companies/Best Business Current AC.

Platinum_2

Hi All,

Advise would be much appreciated.

Heres the scenario, I have been working as a IT consultant for the passed 4 years now, and been using Giant Group for my invoicing, and payroll. I never really considered going via my own LTD, because using Giants Mananged LTD service i was taking home approx 80% of my new income. Now because of the tax laws i have finally set my own company up.

I set my company up via Giant group, you do most of the paper work yourself, but they have sample forms there for you, So i formed the company, registered for VAT, registered as an Employee for PAYE, done almost everything except for the main thing, company bank account.

There are quite a few of them about, and i dont know what exactly i should be looking for when opening up a new bank a/c, please can anyone direct me somewhere with a bit more info on company bank a/cs or recommend one even.

Thanks again.

WHA

A lot of IT contractors use Cater Allen which have a postal based account, free of charges, that pays a decent interest rate on balances. There is a limit of 30 transactions per month, which is ideal for IT contractors as you'll have very few transactions. https://www.caterallen.co.uk. The website says there is a minimum balance but this is waived if you go through an approved introducer. Some introducers also add back some/all of their commission which means the interest rate you get is higher than the published rates. I can't refer you to such an introducer in a public forum, but if you are interested, let me know and I'll send you a private message with the introducer deals.

I wonder whether you are right to be going with Giant. They are said to be VERY expensive - costing almost £2,000 p.a. when a IT contractor specialist accountant would charge an average of say £900 p.a. Worth giving it some thought and looking at other options possibly?

Platinum_2

Thanks for your reply WHA.

I agree GIANT are very expensive, but i had to set myself up very quickly as my next contract starts this week, and didnt know of any specilalist accountants. My contract is for 6mths, but they book you for 3mths at a the time if that makes sense. Im hoping by the end of the 3mths i know of a good decent account specialising in my ballgame.

Thanks for the carter allen link, i will look them up.

ukbill69

Book an appointment with your local barclays, there the best. Used all the banks and they are the best.

motorguy

ukbill69 wrote: »

Book an appointment with your local barclays, there the best. Used all the banks and they are the best.

Any examples of what makes them the best in your opinion?

ukbill69

They understand business, they lend money, there have in house business managers that are trained, they have an award winning backup team, there business managers listen to you and help you, there services are very easy to use, when a customer sends a payment via bacs, they send you a letter. Enough said.