Business Bank Account question

[darkelenia]

Since last summer i am no longer contracting, and no longer sending any invoices out (or expecting to). I am waiting on the process now for my EOY accounts and then will close down my Ltd company.

I still have a business account (HSBC) and paying a monthly fee - £6 a month i think. My question is - do i need that business bank account now? All that is outstanding now will be corp tax when everything is submitted. Can i move the remaining capital out into my personal account, close the business account and then pay HMRC my corp tax from my personal account when the time comes?

[eek]

No but you can open a business account with Starling who won’t charge you a monthly fee

Or pay HMRC today

[northernladuk]

No way would I be buggering around moving business money in to a personal account just to save 6 quid. I'd wait until it's all finalised with the next 6 or so accounted for and then move it as you normally would. Just keep it nice and clean.

I assume your accountant is doing this for you?

[PerfectStorm]

Lots of 18/30 month free offers - switch out and keep switching when the terms are a month out or so

[BigLadFromBeeston666]

As eek said you could switch it to a biz bank without a fee like Starling. But is it worth the effort for £6 p/m? Seems like peanuts.

[mikedefieslife]

There are quite a lot of opens these days, but it might depend on what you want to do in the future. If you are certain you will dissolve the business, I'd probably just leave the HSBC account until then, rather than mess around opening and closing accounts.

However, if you really want to save the cash then perhaps something like Tide or Mettle might worth it. Both are fast and free to open and offer basic services.

[PerfectStorm]

Virgin M for business appears to be free for the foreseeable future unless I'm missing something

https://uk.virginmoney.com/business/...-for-business/

[ladymuck]

Virgin M for business appears to be free for the foreseeable future unless I'm missing something

https://uk.virginmoney.com/business/...-for-business/

Ooh... I've been looking for an alternative to HSBC for a while. This could work

[PerfectStorm]

Ooh... I've been looking for an alternative to HSBC for a while. This could work

Yes. One of my favourite contracting banks, only moved off when they started charging (on their other product)

I suppose the ideal contracting bank would be the one that doesn't insist on posting you paper statements every month

[eek]

Ooh... I've been looking for an alternative to HSBC for a while. This could work

Unless the website has improved the old Yorkshire / Clydesdale one was dire.