Barclays BBLS

jaipal2010

Hi,

been running my business via a personal TSB account last few years (ltd company) and Tide (very limited). 

I have managed to get a Barclays business account and now want to apply for the BBLS. My account manager says I need to wait a few days for the 'default flags' to come off (apparently these are added by default and then removed). Got an email today asking me to submit various docs (self assessment paperwork) but as a paid employee of my limited company I won't have these.

QUestion I have is do I ignore this email (it says I can if already provided during account openeing) or what? My business is 4 years old, always traded, micro entity accounts on COmpanes house, VAT number etc so it's not a sudden resurrection to claim funds I'm not entitled to.

Some advice would be great - especially from those who have applied recently and via the same route.

thanks

Jai

Thrugelmir

Who are the director(s) of your limited Company?  If you are just a paid employee. 

Grumpy_chap

If you have set up to operate as the employee of your own Ltd Co., for which you are also Director and Shareholder, then it is likely that you have drawn a combination of salary and dividends and therefore will have submitted self-assessment tax returns each year since establishing the business.
Therefore, I do not understand the comment:

jaipal2010 said:

Got an email today asking me to submit various docs (self assessment paperwork) but as a paid employee of my limited company I won't have these.

Most people who operate in the way you seem to suggest will have self assessment paperwork.  You also have your company accounts.

jaipal2010

I've taken PAYE only so haven't done self-assessments (I also wasn't director until the last 11 months). 
I have company accounts but they've not asked for those as yet.
Cheers

Grumpy_chap

Can you explain to Barclays that you have only ever drawn PAYE from your Ltd Co. and therefore never within the self assessment net?
You should be able to provide the P60 instead.  I assume Barclays will also request the company accounts and, possibly, your SA302.

I am also confused as you say:

jaipal2010 said:

I also wasn't director until the last 11 months

But in the OP, you stated:

jaipal2010 said:

been running my business last few years (ltd company) 
My business is 4 years old, always traded, micro entity accounts on COmpanes house, VAT number etc 

If you have only been the Director for the past 11 months, who was the Director before that?
Who holds the shares in the business?

jaipal2010

Grumpy_chap said:

Can you explain to Barclays that you have only ever drawn PAYE from your Ltd Co. and therefore never within the self assessment net?
You should be able to provide the P60 instead.  I assume Barclays will also request the company accounts and, possibly, your SA302.

I am also confused as you say:

jaipal2010 said:

I also wasn't director until the last 11 months

But in the OP, you stated:

jaipal2010 said:

been running my business last few years (ltd company) 
My business is 4 years old, always traded, micro entity accounts on COmpanes house, VAT number etc 

If you have only been the Director for the past 11 months, who was the Director before that?
Who holds the shares in the business?

My wife was director up until 11 months ago and we both now hold shares

I'll see what Barclays request and take it from there.

thanks