bank account question

[confused]

Hi all,

I am still in the process of setting up on my own, I'm going to be filling out the relevant forms this week. I have been paid by cheque on several occasions, and each time there has been no problem with asking for the cheque to be paid to me personally, however I think it would look a lot better if it were to be made to a company name. Is it just a case of popping into my bank and opening a new account? what paperwork would they need? and most importantly, are they going to charge me a fortune?

Thanks

[KM-Tiger]

See the Business Banking sticky at the top of this board.

Most banks will give you free banking for a year, saving the charges until later! Even then you can negotiate, particularly if you make it clear you will move unless they give you a better deal.

You say you are in the process of setting up. Have you sorted out an Accountant and how you will do book keeping? Don't delay on this. The longer you leave it the more costly it will be to sort out later.

[confused]

Hi, thanks for the reply

I have just read the sticky, most interesting. I bank with barclays and have had no major problems, they have been pretty good all round. Theres a TSB right opposite the premises I am trading from and I will probably go and have a chat with them soon, I dont actually NEED a business account at the moment for banking as such, just I think making cheques payable to a company name looks much better.

At the moment I am doing my own book keeping, due to the fact that most of my money is earnt from services rather than selling (although some parts are required) it doesnt seem to difficult. That said, I will of course speak to an accountant pretty soon just to make sure I dont end up owing anyone (i.e. tax man) a fortune !

[Jayne]

Hi,

I use Lloyds and have done for about 12 years now, excellent bank and they give 18 months free banking for new starters, plus they are really helpful.

Jayne :D

[confused]

Hi Jayne,
Isnt Lloyds and TSB the same now? as I mentioned, theres a TSB right opposite (literally 15 metres away) from where I'm at so if they are decent that would be ideal.

[Jayne]

Yes they are, keep forgetting the TSB bit, sorry :D

Jayne

[Marksalderson]

yeah, from what i've been hearing Lloyds or Barclays are the boys to go with. I'm in the process of setting up my business plan so eventually i will be looking at these two when it comes to the cruch

[Astaroth]

Natwest have the largest SME customer base - could mean they dont offer the same good promotions as they dont need to try as hard or it means they are doing things really well - your guess is as good as mine as to which it is

[Pilfo]

Hi all,

...however I think it would look a lot better if it were to be made to a company name. Is it just a case of popping into my bank and opening a new account? what paperwork would they need?....

By "Company" if you mean Limited, you will need to have this set up with Companies House first of all. You can't just 'walk' into a bank and expect them to issue you with an account, cheque book, etc without being registered as a company/business.

Pilfo

[confused]

By "Company" if you mean Limited, you will need to have this set up with Companies House first of all. You can't just 'walk' into a bank and expect them to issue you with an account, cheque book, etc without being registered as a company/business.

Hi,

Thats was actually my original question, of course they wont just open an account of xyz company. It wont be a limited company, I was just wondereing if anyone knwe what was likely to be needed. I dididnt get to the b ank, I have been ill and in bed the last couple of days.

[Joyous]

I'd imagine it's the usual anti-money laundering stuff, ie proof of ID (passport) and proof of address (recent utility bill). Also some proof of your intention to trade. I printed off my website and took it along with a sheet of headed paper and a business card.

I think it also helped that I've had my personal account with them for donkey's years, but if your just looking for somewhere to put your money and not looking to borrow this shouldn't be an issue.

Regards

Joy

[confused]

Hi,

I still didnt get chance to go to the bank, I've been pretty busy this week. I dont need an overdraft or a loan or anything, all I need is for when someone pays me by cheque, they can put the company name on the cheque rather than my name.

Thanks

[Jayne]

Hi,

That's what my bank account is..they can put my name or my trading name on the cheques. It's just a basic business account, no overdraft. I just opened it to have money paid into.

Jayne

[DarrenC]

I've been with Lloyds TSB since the start, and for the first 12 mths I didn't pay any bank charges, 2nd year 50% discount and 3rd year 25% discount - next year I'll have to pay all of the charges :(

I'm happy with them though so will continue - the online banking is very good - and now they have introduced sms where you get your balance every day or once a week to your mobile phone.

All I did was give them a call, they sent me the starter pack - completed it - sent it back - and they did the rest.