Savings accounts and spread sheets- advice please.

WantToBeSE

Thanks Archi. I am a bit unsure about what to say if they ask how I am paid by the clients already...if they look at my current account they'll be able to see that my clients pay me into that account.
however, surely if I tell the truth, that I didn't know it wasn't allowed, they wont punish me?

Archi_Bald

Say you are thinking of setting up a new business and want get everything ready for it? That's only a slight white lie as you could say it is a new business to set up everything separately
Try another bank for the Business account?
It might not be the worst idea, anyway, to keep your business and personal banking with different banks

NB. Watch out for charges on business accounts - though you should be able to get a free one, at least for an initial period. Best to check the small business board.

YorkshireBoy

WantToBeSE wrote: »

if they look at my current account they'll be able to see that my clients pay me into that account.

By cheque or FP (bank transfer) predominantly? And lots of transactions?


I think it might not be a good move to alert your bank without first having an account elsewhere you could jump ship to...quickly.

WantToBeSE

Yes, quite a few transactions. About 9 a month into my account. Plus I pay my employee too.


I am just going to be truthful and hope for the best.

dprice

The moment you mention you are processing "business" through your account your stuffed.


Just continue as you are, ok you are running business through it but its not a large amount so will go undetected unless you tell them.

Archi_Bald

dprice wrote: »

Just continue as you are, ok you are running business through it but its not a large amount so will go undetected unless you tell them.

Terrible advice.

WantToBeSE

dprice wrote: »

The moment you mention you are processing "business" through your account your stuffed.


Just continue as you are, ok you are running business through it but its not a large amount so will go undetected unless you tell them.

Not a chance! I now KNOW its against the Ts&Cs of my account, and have informed the bank, I wouldn't just carry on as I am.


As I said, I went to the bank yesterday and explained. They confirmed that it is against the Ts&Cs but I am not in any trouble as it wasn't done with knowledge. They don't have business advisors in branch, so I am waiting for a call from the main branch.


Thanks everyone for the help. If anyone could help with the spread sheet side of things, I would appreciate that too.

FireWyrm

WantToBeSE wrote: »

Thanks everyone for the help. If anyone could help with the spread sheet side of things, I would appreciate that too.

Upthread, there were several good responses.

https://www.vertex42.com and https://www.youneedabudget.com are both extremely useful pieces of software. The former is free, the latter costs just £30 a version and works perfectly for your purposes.

Archi_Bald

YNAB was on offer the other day for a mere £7.49 or thereabouts on Steam. They also do a 30 days free trial.

As I said, I am not using it myself, but from everything I know about it, I reckon even at £30 it is value for money.

No spreadsheet will come close to a properly architected personal finance app.

WantToBeSE

Just wanted to come back and say thanks for the advice about the business account. I have been to the bank and opened one today


Have also worked out a way of doing my spreadsheets. Thanks again