Forum

Replies

• 

  1st Garden Maintenance February 14, 2021 at 3:44pm

  It is far better to have a seperate account where all your business is paid in - out, because it's much eaiser to see what expenditure have when it comes to doing your tax return.

  Pay yourself by a cheque every week from your business account too.
  • 

    Jim Murray > 1st Garden Maintenance February 14, 2021 at 4:43pm

    Thanks

    Im self employed i work on my own i can do that from a personal account to with no fees

    Just wondering what everyone thinks 

    Use a personal account just for business fee free or use business account which they esitmate will cost me between £500 to £1,000 a year in fees
• 

  Sean Clarke February 14, 2021 at 3:49pm

  Depends really, if you’re a one man band self-employed trader then there’s nothing wrong with a personal account. No point in the extra expense of a business account if you don’t need it.
  Is it possible to open another personal account, but only use it for transactions related to the ‘business’?
  • 

    Jim Murray > Sean Clarke February 14, 2021 at 4:38pm

    Yes i work on my own self employed
• PRO

  Ben Mallow February 14, 2021 at 4:19pm

  I switched to a business account recently and as I'm a member of the Federation of Small Business I get it free, no real fee's, with the Co-Op. I felt it made sense for me honestly and wouldn't go back to using a personal account - I like the seperation of business money from personal expenses.
  • 

    Jim Murray > Ben Mallow February 14, 2021 at 4:37pm

    Hi

    Im a member of fsb to i dont think there are any co op bank branches in Northern Ireland can you pay cash into it through post office
    • PRO

      Nick @ NM Garden Services Ltd > Jim Murray February 14, 2021 at 4:47pm

      I believe you can pay cash in through the post office - I think £2k per month without fees (but I may be wring as we don't deal in any cash - just cheques, bank transfers).
  • PRO

    Adam Woods > Ben Mallow February 14, 2021 at 4:39pm

    agreed, exactly the same
  • PRO

    Nick @ NM Garden Services Ltd > Ben Mallow February 14, 2021 at 4:41pm

    We also use the free Coop account as part of our FSB Membership. I have never been to a branch and any cheques we get are posted off in pre-paid envelopes.
    • 

      Jim Murray > Nick @ NM Garden Services Ltd February 14, 2021 at 4:47pm

      Hi

      I dont take cheques only bank transfer,card payment and cash.

      I cannt post cash to be logded would need to be able to pay in or pay in through post office if possible