Business Bank Account - Bad Credit

[MarillionFan]

1) Set up a LTD company with your wife as director. You can then work for her. Remember. You are an employee of the LTD company Director or Not!

2) Use your wifes bank account. If it's the bank you're having problems with, you could(!) open your LTD but provide your wifes bank details. Now. You will not be able to do that if you are VAT registered as you need to provide those details to the Inland Revenue and you will light up like a beacon. But, if you get a contract through an agency that pays by BACS all you need is a sort code and bank number(regardless). It is of course slightly iffy

3) You'll have to go umbrella.

[Jubber]

told me she couldn't override the computer's decision!

Were you honest about your situation before you started or did you just go for it?
Oh well - worked for me I'd try another.

[SimonMac]

I'm in the same boat, just had the call from the back who said thanks but no thanks even though I made them fully aware of my situation.

What option did you go for in the end?

[northernladuk]

I'm in the same boat, just had the call from the back who said thanks but no thanks even though I made them fully aware of my situation.

What option did you go for in the end?

You didn't give them your website to look at did you?

[SueEllen]

You didn't give them your website to look at did you?

Good point.

I also think SimonMac you need to have a look at the Companies Act 2006 and Business Names Act 1985 as I can't see what jurisdiction your company is registered in.

[contractoralan]

<snip>

[Mod] No advertising on the board, please read the T&C's [/Mod]

[prudent consulting limited]

Natwest open a basic business account for directors with bad credit. It is only done over the phone. Try opening a santander business account online too. One of my clients with bad credit was able to open one online. All the best.

[SimonMac]

You didn't give them your website to look at did you?

Good point.

I also think SimonMac you need to have a look at the Companies Act 2006 and Business Names Act 1985 as I can't see what jurisdiction your company is registered in.

The site is still under development so you just got it at the wrong time, and and all that stuff is on the legal page so ner!

Worse case if I can't get a bank account for the start of my contract, what would happen if I got the incovices paid it into a personal account, and then just paid it into the business account when its up and running? I assume the worse that could happen in the HMRC come sniffing around, but as long as everything else is legit its a telling off at most?!

[SueEllen]

The site is still under development so you just got it at the wrong time, and and all that stuff is on the legal page so ner!

Is that why the legal page was hard to read?

Have a look around the web - the vast majority of companies have the company name, company registration number, company registration jurisdiction and company address neatly in one paragraph.

Anyway the site looks much better now.

Worse case if I can't get a bank account for the start of my contract, what would happen if I got the incovices paid it into a personal account, and then just paid it into the business account when its up and running? I assume the worse that could happen in the HMRC come sniffing around, but as long as everything else is legit its a telling off at most?!

Loads of agencies will refuse to do that.

They will only pay money into an account held into the company name i.e. the account name must match the other documentation you give them about the company. Some other larger ones demand a copy of a bank statement (with transactions blanked out) to confirm that it's the same account.

Personally I would either get a Halifax Treasurers account which is a passbook account, or pay to have the wife/another close family relation credit records checked and if they are ok make them the director with you as a 100% share holder and only employee.

[SimonMac]

Loads of agencies will refuse to do that.

They will only pay money into an account held into the company name i.e. the account name must match the other documentation you give them about the company. Some other larger ones demand a copy of a bank statement (with transactions blanked out) to confirm that it's the same account.

Personally I would either get a Halifax Treasurers account which is a passbook account, or pay to have the wife/another close family relation credit records checked and if they are ok make them the director with you as a 100% share holder and only employee.

Thats what I am gonna do, I have a few weeks before I send my first invoice so that will give me time to set my father up as the sole director and him to open a business account, and I just be a shareholder.