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Small business bank accounts
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Louiseg Offline
#1 Posted : 12 June 2012 08:46:51(UTC)
Louiseg


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Howdee,



Well I have just been asked to provide a FAW course for the company my husband works for. It will be my first course following my first aid trainer training in July and they'll be paying me - even better!



I was going to use my trainer training mainly to provide training for my colleagues in the school I work in but now that I'm getting interest elsewhere too I suppose I better start looking into making this into a 'proper' business!



Can anyone recommend a good business bank account that they use/have knowledge of? I'm currently glancing over the HSBC and Santander accounts but I want one that is for very tiny businesses and doesn't have a hefty monthly fee. I'm probably not going to make much more than £1000 a year out of the courses so it would seem ridiculous to pay £25 a month for a business account that rarely gets used.



I appreciate that it'd probably be best for me to go into the banks and talk to them but I'd love to hear any horror stories or reasons I should stay away from certain banks.



Thanks a bunch.
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Tacanman Offline
#2 Posted : 12 June 2012 12:32:03(UTC)
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I used Natwest.  They were free for the first two years and when I mentioned being a member of the chamber of commerce they gave it free for 3 years.  Talk with the business manager not just the counter staff.  
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medrocktraining Offline
#3 Posted : 12 June 2012 13:17:20(UTC)
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Im with NatWest too and they are no better or no worse than most high street banks I suppose. You might wish to join the FSB (not the Russian secret police but Federation of Small Businesses), when I joined the Co-Op bank was offering free banking for life for members but don't know if this offer still exists. Other things to consider, if you only expect to make less than £1k you might need to take accountant fees out of your bottom line.

I'm sure there are are more business minded people (Admin) about with a head for numbers but for that small amount I suggest just having it paid to you directly and declare it as extra income on your annual tax return.

Paul
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Calvin Offline
#4 Posted : 12 June 2012 15:40:33(UTC)
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I'd tend to agree with Paul- for that small an amount just do it through your own bank account and declare as income on your tax return otherwise you'll wipe it out in accountants, bank account etc fees!
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admin Offline
#5 Posted : 12 June 2012 16:06:13(UTC)
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Thanks: 1 times

First of all, is this just ad-hoc work? If so don’t open up a business account, do it through your existing setup. Likewise at the end of the year declare it as untaxed income in your tax return. Keep all the paperwork (receipts ect.) in case the taxman wants to have a quick look. You only need to declare the profit element not the invoice amount. (Invoice minus costs incurred in servicing the invoice)


Re. As stated my medrock / Calvin
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JEFFK Offline
#6 Posted : 12 June 2012 17:05:04(UTC)
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FOR ANY INCOME LESS 10K THE TAX MAN WONT BOTHER WANTING TO SEE YOUR ACCOUNTS AS THEY HAVE TO BE ABLE TO JUSTIFY THERE TIME, SO JUST DECLARE YOUR INCOME MINUS YOUR EXPENSES

EXPENSES CAN ALSO BE A PROPORTION OF YOUR HOME RUNNING COSTS FOR AN OFFICE AND I WOULD WRITE OFF ALL ASSETS IN FIRST YEAR TO IE MANIKIN COSTS. THEY ARNT AFTER THE TIDDLERS
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Louiseg Offline
#7 Posted : 13 June 2012 08:20:40(UTC)
Louiseg


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Thanks for your replies everyone!



I'll stick to my normal bank account and just declare then - seems easiest for the modest income I will be receiving from training.
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BarryV Offline
#9 Posted : 20 May 2013 04:29:42(UTC)
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One of the new business owner's first tasks is to open a business banking account. These accounts allow the company to accept and spend its own money independently of the entrepreneur's personal banking system. Although specific regulations vary by state, most banks have a simple process for opening business accounts that only requires a few basic documents.
Here's how to get 50 Clients in 50 Days - http://automatedsocialnetworking.com/50-clients-50-days/
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metromidget Offline
#10 Posted : 20 May 2013 12:20:52(UTC)
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Ok Mr Barry V














I have deleted some of your postings due to them being repeated on the same subjects and replies. 














Please do not post the same reply in many different Threads. Thanking you. 














Metromidget.   
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