Do I need to close my bank account

[SueEllen]

But....he says he uses an umbrella, how could he be incoporated

He didn't say he used an umbrella.

He said he had an offer from an umbrella company but didn't use them.

[northernladuk]

Yep.

Go and open a bank account with another bank asap.

So if the company is shut down and his personal bank account has been used they will close his bank account and take all the money in it?

Can't HMRC take taxes straight out of the account without notice so they can take his money at any point well before he tries to change account?

Muahahaha......

[ikodel]

How can you have an umbrella company and be set up as a sole trader

I don't, I was offered one by the agency before setting up business but I did not take it up.

[MrMarkyMark]

He didn't say he used an umbrella.

He said he had an offer from an umbrella company but didn't use them.

Oops, correct, my mistake .


OP, better get that lube ready, then.

HTH.

[SueEllen]

So if the company is shut down and his personal bank account has been used they will close his bank account and take all the money in it?

Can't HMRC take taxes straight out of the account without notice so they can take his money at any point well before he tries to change account?

Muahahaha.....

I said open another bank account.

I did not say close the old account down or use a switching service.

Personally the best thing to do in this situation is:
1. Open another account with a different banking group
2. Manually move payments over
3. Tell everyone your new account details
4. Leave the old account alone apart from cancelling direct debits going through that account.
5. Get help from an accountant to sort out the mess you are in with HMRC etc
6. Hope the old bank doesn't notice you were trading through the personal account and puts some tulip on your credit records.

[VectraMan]

The crown takes the money from your business account when you close your company because the company no longer exists as a legal entity and so nobody owns the money. Your personal account is your account; as long as you still exist as a legal entity then nobody will take anything. Companies House doesn't do any of this, and neither do HMRC. It's the bank that does it when you tell them you're closing the Ltd. company that owns the bank account.

What a weird thread. I know it's a joke, but still a weird joke.

[northernladuk]

Spoilsport