Do I need a business bank account?

[Jason]

I was going to open Abbey business accounts when I started up, but they bolloxed me around for so long I said stuff it, talked to Lloyds TSB and had both opened next day.

[Ardesco]

Cater Allen is the way forward. I have a LLoyds account and while it all started out great the bank charges keep going up, I constantly have them on the phone trying to offer me loans that don't want and I don't even know who my business account manager is any more. The only time I have talked to her was to ask for a £1000 overdraft to be set up just in case I needed to dip into it when I was buying some equipment for plan B because I hadn't been paid by an agent and she refused, but offered me a £10,000 load instead .

I mean £1000??? Do any contractors bring in less than £1000 a week???

I'm in the process of moving everything across at the moment and cater Allen have been a breath of fresh air, phone banking at silly hours, lots of postage paid envelopes so I can send off cheques to them without having to find time to stop off at a branch, etc.

Definetly worth a look (And you can get the account fee's taken off if you have under £5000 in the account if you apply throug CUK)

[balaplus]

Abbey National Business are good.

Make sure you open two accounts: normal business account and a business reserve account. Save yourself the hassle of filling out two forms.

You should also apply for a company Visa debit card as soon as you're able. This will save on paperwork when buying things through the company (don't have to claim it back and put it on form P11D).

Also get a business mobile phone

Yes..but you do miss out on cash back options that you get with personal credit cards

[Ardesco]

Yes..but you do miss out on cash back options that you get with personal credit cards

A company Visa debit card is not a credit card.

[balaplus]

I was wondering if incurring company expense on a personal cahback credit card and reclaiming the expense make sense...