mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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I currently have 3 ban accounts
M D Kelly, current account
M D Kelly, business account
M D Kelly, ISA
my DDs are all over the place  I need to get these sorted, as of now they are
M D Kelly, current account Gym-£23 Phone-£35 Phone Insurance - £10
M D Kelly, business account Guitar HP - £60
The guitar comming out the business account is because I had to buy it there and then for that deal and its the only card I had
Im changing my current account to a gold account which gives me travel insurance and phone insurance ect so Im fucking the phone insurance off
Im thinking I should move the guitar to my current account with the gym and move my phone onto the business one because thats what I use it for most?
the next change Im planning is that currently I get paid into my business account, and thus use this account for everything, clothes, beer, when ever I need dosh from the cash machine.
I really should change this so I was thinking of getting paid into the business account and then every week pay myself ~£300 into the current account as a wage? is that the norm with self employed people
As you can see Im quite unorganised Im off till next week so Im gonna try sort it
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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If it was me I would be keeping the accounts strictly separate, especially for when it came to explaining to whoever you need to what something was for (accountant, tax man etc).
Anything that is not related to your business have it go out of your personal account. Pay all business expenditure / income out and in the business account. As for wages, this I believe is called 'Drawings' but you can call it a wage for yourself if you like and pay it into your personal account.
Be aware for some DD's you have to write off as a proper letter and await their correspondence before they will change it, whereas some (gas and leccy etc) will let you change it over the phone, all depends on the company.
I am not self employed btw, just how I would do it if I was
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I spoke with Halifax a couple of weeks back. They advised to use a standard bank account for a business account for the first 6 months and then upgrade the account due to fees.
I'd be putting anything possible through the business account such as fuel, insurance, road tax, tools, mobile phone etc.
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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yeah my business account isnt really anything special as such, Im only a sole trader, just means there is little to no interest on it and you get charged for most things
Il bell them in the new year
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XE Col
Premium Member
Registered: 23rd May 10
Location: Rochdale, AKA:Boissy07
User status: Offline
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barclays are pretty damn good, just opened business account, 2 years free banking (i.e no charges for withdrawals etc) and any electronically transfered moneys after that 2 years no charges, pretty much only charge for cash in/out
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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quote:
Originally posted by Andrew
I spoke with Halifax a couple of weeks back. They advised to use a standard bank account for a business account for the first 6 months and then upgrade the account due to fees.
I'd be putting anything possible through the business account such as fuel, insurance, road tax, tools, mobile phone etc.
Imaginary.
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