GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Best Bank in UK to open a business account.

pat · 05-13-2002, 01:28 PM

Darren,

Barclays give free business banking for 18 months - if you didn't realise that you have to pay for every cheque you deposit/debit card transaction etc etc.

For the US cheques you pay £9 per 'negotiation' (they send the cheques somewhere in the UK to get processed), or a percentage of the total amount (I forget the exact amount, but as a guide, I deposited around £3500 worth a couple of weeks back and the charge was about £11)

The good thing about Barclays is they'll credit your account the next day on trust that the funds will clear. When Clickcash started bouncing cheques a while back I saw several K disappear from my account overnight, so that was slightly unwanted.

It's not necessary to open a business account if you really don't want to - but if you want to submit a true return to the Inland Revenue and play the game properly, it's advisable, merely so you can seperate your personal and business finances - especially if you have an accountant going over the figures too.

40% bracket is a pain, but I'm sure you know you can use tax deductions (expenses) to get your actual profit down, and therefore pay less tax.

HTH.

05-13-2002, 01:28 PM
pat Confirmed User Join Date: Jan 2002 Location: UK Posts: 157	Darren, Barclays give free business banking for 18 months - if you didn't realise that you have to pay for every cheque you deposit/debit card transaction etc etc. For the US cheques you pay £9 per 'negotiation' (they send the cheques somewhere in the UK to get processed), or a percentage of the total amount (I forget the exact amount, but as a guide, I deposited around £3500 worth a couple of weeks back and the charge was about £11) The good thing about Barclays is they'll credit your account the next day on trust that the funds will clear. When Clickcash started bouncing cheques a while back I saw several K disappear from my account overnight, so that was slightly unwanted. It's not necessary to open a business account if you really don't want to - but if you want to submit a true return to the Inland Revenue and play the game properly, it's advisable, merely so you can seperate your personal and business finances - especially if you have an accountant going over the figures too. 40% bracket is a pain, but I'm sure you know you can use tax deductions (expenses) to get your actual profit down, and therefore pay less tax. HTH.