CM CLUB: Talk to me about your accounts - do you have seperate bank account for your Childminding? What do you do about TAX etc???

[looneytune]

Hello

Having a big catch up with paperwork/accounts etc. whilst I am alone in the house (it's soooooooo quiet, not used to it!!!)

ATM I have just my joint current account and all payments go into that plus all expenses come out of it. I've decided it's time to get a seperate account for my business but not necessarily a 'Business Account' as not sure that's to my advantage?

What do you do?
Any recommendations for bank account?
What do you do about saving for tax?

TIA

hi looneytune, i have a seperate a/c just for my c/m as i do get paid by cheque and by vouchers . i have set up a bill payment facility for my tax, ( i know roughly what i pay each year so just divide by 12 and pay that each month, easier than 1 large bill in january) my bank a/c isnt a business a/c as to be honest i dont think i earn enough to need one, its just an account ive had for years that i now use for c/m. hope that helps. x

Thanks for that, I've only been childminding 2 years 2 months and the first year I didn't have to pay tax so not sure what to save .

BTW, is this who I think it is???? x

not sure, i live in wimbledon. do we know each other?

I mean from here but another section

omg looneytune, we have alot in common, both c/m and ttc, although i must say on the second subject im thinking of giving up. have 2dd and 1ds plus my dh isnt keen. plus at 42 dont want to push my luck. how r things going 4 u?

Oh good, i did get the right person! Oh, didn't realise dh not so keen Shame. I've been so broody, especially since having the 2 babies I have now since they were 7 weeks and 8 weeks old. But then again, I only have the one ds and he sooooooo needs a little brother or sister! . Just on my wait atm but not holding breath for this month!

Thanks for your advice on this.

Can anyone recommend a bank account? I've got one with Abbey which I'm about to close due to hating them and wanting rid (although won't close til I know I've sorted another!). Our current account is with Lloyds TSB.

Any recommendations?

LT I have a separate account from our joint with HSBC which has be great (they also gave DH his bank charges back with no fuss )

They other thing I got was a credit card with just £500.00 on it which I use for outings buying big items and such, pay it off every month, but that way I have a receipt on one statement for all my big outgoings.

I also have another one for £200.00 which I use for all petrol again I pay it off at the end of the month. It just keeps things easier, I pay them by direct debit straight from my CM account on the 7th of each month (by then all cheques and vouchers in)

By paying by CCard you get the CCard Insurance on the big Items you buy.

Great, thanks for that So do you have 2 HSBC accounts then, one family one childminding?

Also, any recommendations for Credit Cards? We just have a Lloyds card.

Thanks

yep two accounts and from Egg was the best Credit card so ave the 5 00 from them the other is HSBC

Thanks for that and also thanks for answering my other question