Can't Open a business Acc V.Urgent

trugmaker

Hope someone out there can help please. Twenty eight months ago I had to go bankrupt as a result of a string of unfortunate events. I have now started a new business that is picking up well, but! No bank will give me a business account. It looks so bad having a business, yet asking both trade and retail customers to make cheques payable to my personal Nationwide account not the business, not to mention the accountancy aspect. Not expecting this problem, I actually have cheques made out to Trug Makers (my Business) that I can do nothing with. There are hundreds of businesses that go bust then start trading the next day - how??

jonesMUFCforever

Normally Limited companies whereby the directors are not liable (or no security taken) for the companies' debts.
You as a bankrupt stand no chance at the moment.

As for accountancy can you not open a second Nationwide account for your business takings?
Why accept cheques from customers when you know that you cannot bank them?
Send the cheques back and get new ones payable to yourself.
I doubt whether your customers care who to make the cheques out to as long as you do the business for them.

annettetabs

My Dads an Accountant and he opens what is called a Client Account in his Name (which i add is legal) and operates the account for them. The Client can access the account at any time through the Accountant.

jonesMUFCforever

annettetabs wrote: »

My Dads an Accountant and he opens what is called a Client Account in his Name (which i add is legal) and operates the account for them. The Client can access the account at any time through the Accountant.

I bet he wouldn't do it in this case unless he is very dodgy.
Doesn't get round cheques made payable to himself or his business as none of them would get banked unless made out to A.N. Accountant re A.N. Customer T/A Trug makers.

Your father could not bank cheques made out unless in the above format.

WTFUK

Irrespective of what James.... says you can open an account in your business name. For example you can open a Halifax Treasurer account in your business name and use it to pay in cheques etc. You can use direct debits though and it is very basic.

To open the Treasurer account there are a number of documents that you will need. PM me and I will give you the details.

If you have £5000 spare you can open a Nationwide Business Investor account in your compan name. It provides all the facilities of a business current account but you get no credit facilities. However beware of Nationwide as I found their service to be shoddy and the staff behaved and talked like they were brought up on the streets. I'm not saying that will happen in every branch but I found them to be quite impolite!

trugmaker

Thankyou all especially WTFUK - going to enquire today. Wish me luck

annettetabs

jonesMUFCforever wrote: »

I bet he wouldn't do it in this case unless he is very dodgy.
Doesn't get round cheques made payable to himself or his business as none of them would get banked unless made out to A.N. Accountant re A.N. Customer T/A Trug makers.

Your father could not bank cheques made out unless in the above format.

My Dad is NOT a Dodgy Accountant and no I am not being biased because his my Dad!

No - obviously I didn't explain myself.

The Cheques are made specifically for this purpose i.e Client Accountant Mr A Smith c/o AAA Accountants.

jonesMUFCforever

annettetabs wrote: »

My Dad is NOT a Dodgy Accountant and no I am not being biased because his my Dad!

No - obviously I didn't explain myself.

The Cheques are made specifically for this purpose i.e Client Accountant Mr A Smith c/o AAA Accountants.

But the cheques OP has are written out to business name and therefore would be unbankable (as now because he has no business account) even if an accountant had opened a clients account for him.

The accountant would also have to be very careful as to whom the 'beneficial owner' of the account is should the tax man investigate.

To be honest I have never seen this type of account open before unless it is to deal with a deceased account or business accounts in administration.

jonesMUFCforever

WTFUK wrote: »

Irrespective of what James.... says you can open an account in your business name. For example you can open a Halifax Treasurer account in your business name and use it to pay in cheques etc. You can use direct debits though and it is very basic.

To open the Treasurer account there are a number of documents that you will need. PM me and I will give you the details.

If you have £5000 spare you can open a Nationwide Business Investor account in your compan name. It provides all the facilities of a business current account but you get no credit facilities. However beware of Nationwide as I found their service to be shoddy and the staff behaved and talked like they were brought up on the streets. I'm not saying that will happen in every branch but I found them to be quite impolite!

Who is James?

Isn't the Halifax Treasurers account for use by voluntary and community organisations not businesses?

olly300

jonesMUFCforever wrote: »

Who is James?

Isn't the Halifax Treasurers account for use by voluntary and community organisations not businesses?

If you actually google you could find the correct information yourself instead of questioning someone who posted the correct information in good faith.

http://www.halifax.co.uk/savings/treasurersaccount.asp

An account specially designed for customers managing funds for a company, club or charity.

annettetabs

jonesMUFCforever wrote: »

But the cheques OP has are written out to business name and therefore would be unbankable (as now because he has no business account) even if an accountant had opened a clients account for him.

The accountant would also have to be very careful as to whom the 'beneficial owner' of the account is should the tax man investigate.

To be honest I have never seen this type of account open before unless it is to deal with a deceased account or business accounts in administration.

I wasn't referring to his existing cheques, they need to be destroyed or given back to the issuing clients to destroy.

Below is a link you may like to have a quick look at - this is what i am talking about:-
http://www.lloydstsbbusiness.com/accounts/designatedclientsaccount.asp