Business Bank account.

[northernladuk]

While you are doing this make sure you get a good accountant that is aware of contractor ways. When you are discussing set up with him look very carefully at the input of your husband to your business and the split of dividends/payments to him. I mention this as there has been a very long and interesting discussion on it recently. 50/50 splits appear to be frowned upon with a 70/30 or something like that being preferred. Might just check this out before it disappears off the recent pages.

[Bumble79]

Um they are taking a card payment off you so yes.

No, this is for a free trial. And they want the card details to do the credit check. But wonder why they would need the CVV number?

[Bumble79]

While you are doing this make sure you get a good accountant that is aware of contractor ways. When you are discussing set up with him look very carefully at the input of your husband to your business and the split of dividends/payments to him. I mention this as there has been a very long and interesting discussion on it recently. 50/50 splits appear to be frowned upon with a 70/30 or something like that being preferred. Might just check this out before it disappears off the recent pages.

Oh, I was not aware of that. My accountant said that it is just fine to have a 50/50 split. I will need to check on this then.

[JamJarST]

No, this is for a free trial. And they want the card details to do the credit check. But wonder why they would need the CVV number?

Because if you forget to cancel the account, they charge you when the "free trial" is up. Experian do the same and it seems wrong that a company that pretends to want to help you with you credit rating would employ dodgy business practices like this.

[TraceRacing]

umm, embarrassingly this is pertinent to me.

Over the years I overspent and got into a position where I had to reach an agreement with my creditors (mainly credit cards) as I couldn't afford to pay them. I've had this agreement in place about 5 years now and pay religiously every month to clear off the debt. It will still take several more years before it's all repaid.

I'm about to go contracting and will need a business account (also setting up a Ltd) but as my credit record is trashed (although no CCJ's or anything) will I be able to?

[SueEllen]

umm, embarrassingly this is pertinent to me.

Over the years I overspent and got into a position where I had to reach an agreement with my creditors (mainly credit cards) as I couldn't afford to pay them. I've had this agreement in place about 5 years now and pay religiously every month to clear off the debt. It will still take several more years before it's all repaid.

I'm about to go contracting and will need a business account (also setting up a Ltd) but as my credit record is trashed (although no CCJ's or anything) will I be able to?

In the current climate you won't be able to get a standard business account. However their are some banks (Natwest is one I think and co-op another) that offer business accounts without any debt facilities i.e. you cannot go overdrawn.

I suggest you check this out asap before you decide to set up a limited.

One thing is when you go into the banks be firm with them and do not let them do a credit check or push you into another sort of business account. Remember the staff get bonuses/incentives for pushing accounts on you where they may charge you loads further down the line.

[JamJarST]

umm, embarrassingly this is pertinent to me.

Over the years I overspent and got into a position where I had to reach an agreement with my creditors (mainly credit cards) as I couldn't afford to pay them. I've had this agreement in place about 5 years now and pay religiously every month to clear off the debt. It will still take several more years before it's all repaid.

I'm about to go contracting and will need a business account (also setting up a Ltd) but as my credit record is trashed (although no CCJ's or anything) will I be able to?

I am the same, I have an IVA so a formal agreement with my creditors and very poor credit, I appear as a bankrupt, but I got a Santander Basic Business Account without any problems.

[TraceRacing]

fortunately I don't have an IVA - the worst is that one of the creditors has a hold on our house (for some reason they targetted the missus as it was a personal loan on our joint bank account but she hasn't worked for years) so as and when we sell the proceeds will pay them off (it's my intention to pay them off long before I sell)...

I use a company called payplan who I make a payment to each month and they divvy it up and pay the creditors and as it's government funded there are no fees etc which makes it simple for me.

[Clippy]

OP, you can obtain a £2 statutory credit report for yourself from the three UK credit reference agencies:

Callcredit

Equifax

Experian

It had been several years since I checked my credit history so I ordered these recently.

I didn't want to sign up for a month trial of a CreditExpert type service so ordered the statutory reports instead and either paid by cheque or made a one off payment online.

I received all three reports in the post within a week, some within a few days - obviously, this will be no good if you are in a rush.

[northernladuk]

Oh, I was not aware of that. My accountant said that it is just fine to have a 50/50 split. I will need to check on this then.

That is the problem, there seems to be differing opinions. Some say 50/50 is fine, others say it looks like incoming shifting. Doing a 70/30 split with you getting most of the divi because you are the earner looks better on paper and may be the difference between making yourself a target. At the end of the day you can take 30 odd K of divis before paying the upper rate. Will you really be earning enough to be able to give your other half another 30k?

The conversation is long and based on different opinions but it is worth a read so you are sure.

You might find that your accountants perception of what you pay yourself is different as well. Some say 7k some say 12k. Again there seems to be no right or wrong with each arguing their case.