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Can someone confirm this please?
impecunious
Posts: 208 Forumite
Went to register my new, and first, company on HMRC for online VAT. I got stuck on a question however: it stated that I needed a business bank account in my company's name. :eek:
As my intentions were not to open one just yet, I have been frantically researching all my options (MSE old-timer!), only just to find a small business website's forum stating that you do not need one to register for VAT! Now a little confused and a lot livid, as, if I really don't need one, I have wasted a lot of time for nothing! :mad: In truth, I will also be angry at myself for not checking it out beforehand. Have been to a HMRC workshop on VAT as well.....!
While I am at it, what do other's think about waiting the full 3 months allowed before registering with HMRC? Before today's frustrations, I was of the opinion to get all the basics installed before I begin trading as, hopefully, I won't have the time later on.
As my intentions were not to open one just yet, I have been frantically researching all my options (MSE old-timer!), only just to find a small business website's forum stating that you do not need one to register for VAT! Now a little confused and a lot livid, as, if I really don't need one, I have wasted a lot of time for nothing! :mad: In truth, I will also be angry at myself for not checking it out beforehand. Have been to a HMRC workshop on VAT as well.....!
While I am at it, what do other's think about waiting the full 3 months allowed before registering with HMRC? Before today's frustrations, I was of the opinion to get all the basics installed before I begin trading as, hopefully, I won't have the time later on.
If I had 8 hours to chop down a tree, I'd spend 6 hours sharpening my axe
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My understanding is that you do not need a business bank account so maybe register with your personal one and change it later when you have one.I'm not at expert at anything, my views and comments have no legal standing and are written without prejudice :silenced:0
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You are storing up trouble for yourself by not having a business bank account. How are you going to separate personal from business transactions if they are all together in the same account - particularly as you are trading at a level high enough to need to register for VAT?£705,000 raised by client groups in the past 18 mths :beer:0
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You don't need a "business" bank account but Fengirl is right, you really should have a separate account. If you are a sole trader it can be a normal current account. It is exactly what I have done after speaking to HMRC and I have received my VAT number without any problems whatsoever.2009: Headphones, Nintendo DSi , Baking Kit
2010: Jan:T-shirt, 2xBooks, Headphones, Elvis CD, Buffera, Scarf Feb:CD, 2xBooks, Mascara, 3xT-shirts Mar: Lip balm, 2xBooks, 2xCD, mask, Koala, 6xCinema tickets, Chocolate box, Drive Backup Pro Apr: Elemis cream, Elemis Skin Buff
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impecunious wrote: »Went to register my new, and first, company on HMRC for online VAT. I got stuck on a question however: it stated that I needed a business bank account in my company's name. :eek:
If you are running a LIMITED company (not clear from your OP) it's difficult to see how you can run this without a business bank account.Gwlad heb iaith, gwlad heb galon0
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