Best Bank in UK to open a business account.

[Darren]

Currently with Llouyds TSB any other suggestions?

90% of transactions done by check.

[Beastiepoo]

I understand it is probably necessary but...ICK what a choice.
We use Abbey National but not for any other reason than we were with them before getting into the business. I assume the cheques coming in will be in USD so I'd advise checking them all out. Find out who can offer you the lowest per cheque charge for banking cheques in USD.

[Darren]

same I was with Lloyds B4 got into this business.

Surely a Business account is necessary ?

[Beastiepoo]

We are in a special circumstance in that I'm American and so we use my American account for all business transactions in USD and avoid the charges. I was only offering advice on things to check on before settling with a bank.

[Darren]

so what are tax rates in the USA??

if u earn over 29,400 POUNDS in UK (About 50US dollars) the rate is 40%

WTF? 40% of earnings to the tax man?!?

[DigitalPimpShit]

How about the sperm bank? kinda tough to make a withdraw though

[Darren]

lol

anyone point me to a good resource for paying tax and UK bank accounts

[Beastiepoo]

Sorry Darren, maybe I'm misunderstanding you. Where are you living?

[pat]

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.

[Darren]

Pat can you ICQ me? 46335817 or provide me with your ICQ

[Darren]

anyone got any details on how to show receipts for payments online?

Eg if paid by paypal? do you just print out the Paypal receipt of payment etc? is this acceptable.

[a1ka1ine]

ive enquired at halifax and they "cant see any reason to charge for cashing a foreign cheque". at the branch when i asked about charges to cash a USD cheque, they said there would be no charge.....

maybe their exchange rates are horribly biased =/

[ldinternet]

bank of scotland, of course. don't nickel and dime with a building society because you'll get killed with rates.

... now there are some little bitch dumbasses out there that like to jump into peoples' conversations with their know-it-all comments. let me assure every dumbass, that although i don't know the logic behind it, the bank of scotland IS located in england.

[Darren]

ldinternet - I know you dont like me and maybe even have me on ignore on ICQ but i would appreciate a discussion on this seemings as you seem the most experienced and may i even say it "elite" webmaster in the UK (took alot to say that! hehe).

If you do have the time im on ICQ 46335817

and it would be much appreciated.

[DPlayMax]

Citibank would be the best - because you can access it from anywhere in the USA / World - also you can withdraw up to $3000 cash per day by ATM anywhere in the world.

I recommend them highly - have used them for many years - if you live and die by cash.

[Chris R]

Originally posted by Darren
so what are tax rates in the USA??

if u earn over 29,400 POUNDS in UK (About 50US dollars) the rate is 40%

WTF? 40% of earnings to the tax man?!?

If you are self employed and single with no dependants or other deductaions - your federal tax would be:

$14,114 on $50,000
Some states have no state tax, but in MD - we pay about 7% depending on where you live. Sales tax of 5% on goods, property tax, and the like.

Someone making 50K a year in MD pays about $17K in income taxes.

[Chris R]

Oops - I read your question wrong - states vary, but with the feds - you pay:

15% Self Employment Tax up to about $80K - anything over that is 3%

Between 10% and 39.1% extra in federal income tax

State Tax varies on where you live - and you get deductions.

Anyone making ~ $65,000 - $135,000 (after deductions) pays 30% in that range, plus 15% SE Tax + State

[Beastiepoo]

Chris R- Are you a Baltimore native or do you live or did you grow up outside of the city? I'm always curious to meet fellow Marylanders in this biz. Where and when did you go to HS?

[ldinternet]

not that i don't like you darren... i do... just that you're so fucking funny. take those audio testimonials, for example.

talking to someone from the bank of scotland will give you more useful information than i could. did you inquire at the inland revenue yet? if you haven't then go down there asap and ask for the 'starting up in business' booklet.

you should have registered within the first three months of being in business, otherwise there is a fine of like £100. you don't have to register for vat unless your turnover is more than GB£52,000... like, US$75,000. there is a free half-day course from 'the business support team' for newly self employed people. i've never been there but its supposed to help with ni, paye tax, setting up a limited company, bank accounts, and so forth. the leaflet is available from the inland revenue.

[Chris R]

I grew up in MD and live in Baltimore County right now. I went to a Baltimore County High School.

[Beastiepoo]

Originally posted by Chris R
I grew up in MD and live in Baltimore County right now. I went to a Baltimore County High School.

Thanks. I'm just curious. I'm convinced that one of these days I'm gonna run into someone from my graduating class!!

[Paul -C-]

Fuck self employment!

Get yourselves incorporated for a few hundred quid and you'll save thousands on tax!

I'm with the Clydesdale Bank btw..

[Paul -C-]

Originally posted by ldinternet
the bank of scotland IS located in england.

No it's not!

[ldinternet]

yes it is. there is a manchester branch in spring gardens, for example.