Business vs Personal

[danny7147]

We run a small taxi company, established in June, and we've been looking at how to organise our banking.

It's a partnership with my wife and I but I'm wondering if there's actually any benefit to us having a business account and paying a monthly fee rather than having a separate joing bank account in our names just for business money.

We rarely have any cheques to pay in and when we do they can be made payable to us... so is there a reason we should get a business account?

It's not a big company, this is us:- http://www.castle-cabs.co.uk

Any opinions would be appreciated!

 

[beasty]

Wow, your site is ridiculous

I am half cut and want a taxi and you are flashing plains trains and automobiles at me

Just leave the frikkin number up so i can write it in my phone

Your site should have the number showing ALL THE TIME

Flash up business services and accounts but keep the bread and butter showing

I would not use a business account in your position, just dedicate a regular account

 

[danny7147]

We don't target local taxi work, and the few times that the cars are in town generates local work due to the phone number being an easy one.

We're an airport transfer/long distance company hence the website... we have a large service area.

With that in mind, we take a lot of cash a week... usually in excess of £200-300 per car per day which is what made me ask about the bank account situation. The business accounts I've seen all give you x amount of transactions per month for x amount of monthly fee... so that's why I wondered if there was actually any benefit to having a business account other than it being in the company name?

 

[Banksbroo]

I think it would be a good idea to get a proper business bank account. Partly because most banks will have a T&C clause that personal accounts can't be used for business purposes - and you could find your account withdrawn and yourself ticking yes in the "have you ever been been refused a bank account" section of a form.

Also from a tax/VAt investigation point of view, an account in the trading name of the company makes the companys finances look far more legit. than a fudged personal/business financial arrangement.

 

[simonclark123]

Hi Danny

Might be worth checking out whether Santander would work for you, as they offer free banking subject to certain criteria - previously you couldn't pay in cash in branches but now most branches have a special machine where you can.

(By the way I specialise in supplying Taxi Freephones (with sim card, not landline) to taxi companies, so please feel free to contact me if this might be of interest to you!)

Best Regards

Simon

 

[PaulThompson]

If you join the FSB* you can get free business banking for life

* - Federation of Small Businesses - not the Federal Security Service which used to be known as the KGB... I wouldn't join them as a taxi firm!!