Do any of u have a business account

[loulou5]

Hi, I was just wondering if any other childminders have a business account, or do u just use ur current account.

Just asking because I have only recently started minding and opened a business account, but now feel i'm paying £18 a month for nothing

Any advice would be grately received.

thx

It's worth it to keep personal and business expenses apart. If you are you are the subject of an investigation for VAT. And it does happen, it will be easier for you to prove that purchases were made for business reasons. Be sure to keep all of your receipts, too.

I use a savings account and keep all my receipts

So do you think just using an ordinary current account, seperate from my every day one would be acceptable.

Can't see why not?

You can use a current account but keep it all apart and that is fine.

If you use another account like your personal acc and ir investigate they can pick it apart where as if you have a business acc and a different personal they cant. does that m#ake sense?

I use my ordinary bank or building society account to pay money in/out. For childminders, I think it would be really hard to always keep your personal and business expenses separate - unless you buy separate loo rolls for your family/mindees! Most of us buy stuff in our normal weekly shopping (don't we?) and then record what we've spent. You can still keep the whole receipt if needs be.

I started off with a business account as it was free for a year then realised I wasn't getting anything for this. I now have an Alliance & Leicester current account for my childminding and put £250 month into their high interest account (10%) , so I can't touch it for a year and it will earn me some interest before it goes to the taxman and hopefully a nice bit left for me!

There are free business bank accounts, they are limited to what you can do and basicly they prefer you to do it all on line or at cash machine and not take up time in the branch, Abbey I think still do it.

I got a years free banking but now have to pay per transaction, I am considering changing to Abbey as I don't need half the services I thought I would.

I have 3 "personal" accounts with different banks to keep my finances organised and I use a separate savings accounts for deposit payments.

I am thinking about this though:
\link{https://www.alliance-leicestercommercialbank.co.uk/business-current-account.asp\Alliance & Leicester}

At the moment I just use my own current account for everything as, like TP said, most of the stuff I buy is for both family and childminding. I have my accounts book and can't see why it should be a problem doing it this way if I'm investigated.

At the moment I use another current a/c to put my income into but as so much of the food etc is part of normal shopping it would be very difficult to completely separate it esp as have two children of my own.
Re bubbles point unless you have voluntarily registed for VAT I think the limit for applying is around £80,000 so I don't think I need it for that

You don't really need a seperate account just very clear and complete account records. you could stuff it under you mattress if you want.

The Alliance and L account... Am I right in understanding that you can deposit up to £1000 free per month, but you must deposit at least £1000 or they will charge you a flat fee of £5. So either way you will pay something although not much.

\link{http://www.anbusiness.com/\This Abbey} one is the account I was looking at, there is no minimum so OK for rubbish turnovers like mine . They prefer you to use the cash machine and don't take coinage in the brach off you for free, the advisor said it was popular with lots of small businesses like taxi drivers, market traders who only bank the notes and keep the coins in the float anyway.

I must change my account. I am with the RBS and pay 53p for every cheque and 55p for paying in in the branch, plus .63p for every £100 paid in (I didn't realise that until just now reading my statement )

Ive just asked for some info as my HSBC is expensive compared to this one.

Abbey looks good. Just discovered the Alliance & Leicester website says you need to deposit £1000 a month. You'd have thought the guy on the phone would have worked out I don't qualify when I told him my turnover was £8000 last year!

Although with A&L i could have made deposits at the local Post Office 2 streets away.