Business bank account, rules?

[MaryPoppins]

I recently tried to open a Barclays basic account, for people who are bankrupted etc, and got refused. They give no reason but I suspect a default on my Equifax file (even though this is supposed to be an account for exactly people with bad credit)..or maybe my past address is on a fraud list, even though it has nothing to do with me..some dodgy types used to live there before me

These days, your credit rating is [I am fairly sure] associated with you, not with your address.

[kevpuk]

advice from someone with experience please? actually you can have an account not in the companies name, and take payments, I did this in my first year.

I want a backup account just incase..alright with you?

If OP had not been so prickly, I might've suggested speaking to NatWest as they offer an account which aims to accept pretty much any credit history - Foundation account IIRC.

Ooops, the cat is out of the bag....

[Craig at Nixon Williams]

If you are receiving business money into a personal account then when the accounts are prepared then any payments made into the personal account should be accounted for as payment to yourself and will be subject to the tax implications associated with director's loans.

I would advise that if you haevn't already got an account in the business name, that you do this as soon as possible in order to minimise any additional taxes that you become liable to as a result of this.

Hope this helps!
Craig

[Clare@InTouch]

If you are receiving business money into a personal account then when the accounts are prepared then any payments made into the personal account should be accounted for as payment to yourself and will be subject to the tax implications associated with director's loans.

I would advise that if you haevn't already got an account in the business name, that you do this as soon as possible in order to minimise any additional taxes that you become liable to as a result of this.

Hope this helps!
Craig

WCS

[Wanderer]

advice from someone with experience please? actually you can have an account not in the companies name, and take payments, I did this in my first year.

I want a backup account just incase..alright with you?

You want a "backup account" for your company but you want to open an account personally (ie in your own name) for this purpose? I'm confused as to why on earth a director would legitimately want to do that.

It's never a good idea to mix personal and company money like that because when HMRC see someone do that they are going to be suspicious that the company is hoping to get a few invoices paid into that account and then "accidentally" lose the invoices off the books....

[SueEllen]

If you are worried that RBS will screw up your business account when they get sold, then open another business account with a different bank that isn't Barclays and tell them that you intend to move banks completely but don't trust their switching service - then don't move completely. Just pay enough money into that account over a year to keep them happy and not charge you.

For example you just need to keep £5,000 or use this site to open a Carter Allen account.