HSBC Now charging for business bank accounts

alun4

dazbear wrote: »

Yes, but the tax man doesnt give me the £60 back, just tax relief on it which equates to a reduction in corporation tax of £12.

As I own the company, I still have to pay the £48

Like other legitimate expenses, (accountants fees, wages, premises etc) these are deducted before arriving at any "profit" to be taxed.

dazbear

Yeah but I still have to pay it!

The tax man doesn't pay my staff's wages, accountant fees, premises etc. I just get tax relief on these expenses as they are deducted before calculating profit.

So I still have to pay the £60 - it goes down as an expense, it still reduces my profit.

)

InsideInsurance

dazbear wrote: »

Of course by stopping Business Direct and moving me to Electronic Tariff, I suppose their loop-hole will be that the life of the account has ended and this is a new one

Have you been given a date for this? I see they are still advertising the Business Direct on their website and don't believe I've received anything about my Business Direct account with them

dazbear

1st September.

I have put in a complaint, will let you know how I get on....

InsideInsurance

Yup, just spoke to them and they confirmed they are withdrawing the product on the 1st Sept

Off to a new bank again then

dazbear

I think that is going to be the key "withdrawing the product". I was told "free for the life of the account". This will be their get out me thinks!

dazbear

Got a reply from HSBC about my complaint.

It basically says - close the account if you don't like it.

Very poor!

Caladan

Business Direct is not being withdrawn, it's just being re-priced (in line with many competitors).

There was never any promise of "permanent free banking," if you were told this you were told wrong. Indeed Business Direct wasn't necessarily free anyway, it depended how you operated the account.

If you rang up and they said it was free for life then complain and get the call listened to, if you were indeed told wrongly you'll get compensation (although they wont give you a 'free for life' account, no such thing exists.

I have nothing against switching your accounts every 6-12 months to keep getting introductory free banking, but if your business needs lending it can adversely affect your chances.

I believe, personally, that the few free business bank accounts still around will be withdrawn in the near future.

HSBC is one of the last banks to offer free club/society/association accounts - I expect that to end soon too.

Not the answers you wanted, and all my own personal opinion, but hopefully it helps

Kind regards,
Cal