going self employed help

leveller2911

NiceGuyEddie wrote: »

This seems to crop up with concerning frequency, and I don't understand why. There is nothing to be feared by having a business bank account, it's really not that difficult to set up and is a help not a hinderence. Why not have one?

I'm not really sure what VAT registration has to do with business accounts, if you're in business full stop then why not have a business account?

Excessive charges for one thing. Last time I checked an agreed overdraft for a personal bank account was cheaper than a business account.As I mentioned before when you run a business account after the initial free banking period they start charging you for paying money into your account and writing cheques.Some waive these charges if you pay a monthly fee for the business account.

My personal account costs me nothing to run...:money:

warwicktiger

Have a look at this:

http://www.simplybusiness.co.uk/kno...1-10-21-a-sole-traders-checklist-13-top-tips/

NiceGuyEddie_2

leveller2911 wrote: »

Excessive charges for one thing. Last time I checked an agreed overdraft for a personal bank account was cheaper than a business account.As I mentioned before when you run a business account after the initial free banking period they start charging you for paying money into your account and writing cheques.Some waive these charges if you pay a monthly fee for the business account.

My personal account costs me nothing to run...:money:

If a personal account is withdrawn because the user has breached the T&Cs, things are not quite so rosy. IMO, the thing about being smart with money is appreciating that cheapest is not always best, you're looking for the best value for the product or service in a particular situation. To me, that includes not risking the withdrawal of personal banking and the associated costs of that happening.

leveller2911

NiceGuyEddie wrote: »

If a personal account is withdrawn because the user has breached the T&Cs, things are not quite so rosy. IMO, the thing about being smart with money is appreciating that cheapest is not always best, you're looking for the best value for the product or service in a particular situation. To me, that includes not risking the withdrawal of personal banking and the associated costs of that happening.

Being successful in business is keeping your overheads down and profit margin as high as possible. It makes no business sense paying a premium for something when you can have for free or a small cost.I don't get charged for paying money in or taking money out,writing cheques and high overdraught fees.

As I mentioned I've been in business for over 25yrs in the Construction Industry and never seen a single person having their "personal Banking" withdrawn.I know dozens of sole-traders and partnerships who have no trouble running their businesses from a current account.

Its not illegal to run your business from a Current account, I've been registered for VAT for 9 years with no problems.

Savvy_Sue

warwicktiger wrote: »

Have a look at this:

http://www.simplybusiness.co.uk/kno...1-10-21-a-sole-traders-checklist-13-top-tips/

link doesn't work, I'm afraid.

InsertWittyName

Fixed link: http://www.simplybusiness.co.uk/knowledge/articles/2011/10/2011-10-21-a-sole-traders-checklist-13-top-tips/

Mistral001

leveller2911 wrote: »

Being successful in business is keeping your overheads down and profit margin as high as possible. It makes no business sense paying a premium for something when you can have for free or a small cost.I don't get charged for paying money in or taking money out,writing cheques and high overdraught fees.

As I mentioned I've been in business for over 25yrs in the Construction Industry and never seen a single person having their "personal Banking" withdrawn.I know dozens of sole-traders and partnerships who have no trouble running their businesses from a current account.

Its not illegal to run your business from a Current account, I've been registered for VAT for 9 years with no problems.

I think some people lose sight of the fact that "starting a business" is actually just earning money. Concentrate on doing that.

If a business account is going to make you more money go for it. If it does not then ask yourself why are you getting one?