How long to open a LTD business bank account?

[workingnomad]

I am thinking of going from Sole Trader to LTD due to the tax advantages. Various calculators indicate that I'd make quite a saving by going this route.

So my questions are..

Why is it an issue opening up a business account? I have heard it can take over a month which seems crazy.

Is going for one of those LTD company formation websites a good way to get things moving quickly. Can anyone recommend one?

I have used a couple of accountants recently for various things, and will do for end of year accounts, but I want to do as much of the setting up as I can having spent a lot on accountants fees recently.

 

[termsandconditions]

My personal experience is:

NatWest - two/three weeks

HSBC - same day

I think the key difference is that HSBC have some sort of in-branch online credit checking tool that enables them to move straight onto giving you a working account & where you want your tangibles sent (cards etc.)

Best Regards

 

[johndon68]

Took me all of half an hour with Lloyds TSB although I do have a personal account with them as well.

John

 

[Andrew @ PLA]

I have a contact at HSBC who does 'fast-track' business bank account applications ... as for your Company Formation, we could do this at cost for you if you wanted £20.00. If you want any more information either PM me or email me [email protected] (no website yet - in progress).

Andrew

 

[MyAccountantOnline]

I am thinking of going from Sole Trader to LTD due to the tax advantages. Various calculators indicate that I'd make quite a saving by going this route.

So my questions are..

Why is it an issue opening up a business account? I have heard it can take over a month which seems crazy.

Is going for one of those LTD company formation websites a good way to get things moving quickly. Can anyone recommend one?

I have used a couple of accountants recently for various things, and will do for end of year accounts, but I want to do as much of the setting up as I can having spent a lot on accountants fees recently.

You may find your accountants will offer you a good deal on a company formation especially if you will be a long term client so I wouldn't immediately look at alternative (cheaper) suppliers. They will also tell you if its the right thing for you and make sure its done at the best time etc.

I have seen banks take several weeks to open limited company accounts some of the worst delays I've seen being from Santander. I don't honestly know the reason why they take so long.

 

[Andrew @ PLA]

Nicola, IMHO Santander are just a sh!t bank full stop! Since they took over Abbey and A&L, I have seen first hand their cr*p customer service and would never recommend them to ANYBODY ever again

 

[MyAccountantOnline]

Nicola, IMHO Santander are just a sh!t bank full stop! Since they took over Abbey and A&L, I have seen first hand their cr*p customer service and would never recommend them to ANYBODY ever again

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