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Reply to: Do I need to close my bank account
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Previously on "Do I need to close my bank account"
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The crown takes the money from your business account when you close your company because the company no longer exists as a legal entity and so nobody owns the money. Your personal account is your account; as long as you still exist as a legal entity then nobody will take anything. Companies House doesn't do any of this, and neither do HMRC. It's the bank that does it when you tell them you're closing the Ltd. company that owns the bank account.
What a weird thread. I know it's a joke, but still a weird joke.
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Originally posted by northernladuk View PostSo if the company is shut down and his personal bank account has been used they will close his bank account and take all the money in it?
Can't HMRC take taxes straight out of the account without notice so they can take his money at any point well before he tries to change account?
Muahahaha.....
I did not say close the old account down or use a switching service.
Personally the best thing to do in this situation is:
1. Open another account with a different banking group
2. Manually move payments over
3. Tell everyone your new account details
4. Leave the old account alone apart from cancelling direct debits going through that account.
5. Get help from an accountant to sort out the mess you are in with HMRC etc
6. Hope the old bank doesn't notice you were trading through the personal account and puts some tulip on your credit records.
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Originally posted by SueEllen View PostHe didn't say he used an umbrella.
He said he had an offer from an umbrella company but didn't use them.
OP, better get that lube ready, then.
HTH.
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Originally posted by SueEllen View PostYep.
Go and open a bank account with another bank asap.
Can't HMRC take taxes straight out of the account without notice so they can take his money at any point well before he tries to change account?
Muahahaha......
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If you incorporate a company, are an officer of that company e.g. a director and there are no other employees you are not a sole trader. You are running a closed company.
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Originally posted by ikodel View PostYes, that's right. Agency didn't even ask a thing. So I'm fooked then?
Go and open a bank account with another bank asap.
Originally posted by ikodel View PostThat's the question exactly. I mentioned sole trader as the business model where you are the company (no employees).
If you incorporate a company, are an officer of that company e.g. a director and there are no other employees you are not a sole trader. You are running a closed company.
Look explanation about your status is:
1. If your bank found out you were using a personal account for business transactions they can close down all your accounts. Most don't and force you to open up a business account as well.
2. If your company is struck off, the bank account is frozen and any money in it then that goes to the Treasury. You can get the money back but you will need help doing it and it's not free. (An accountant who posts on here will be able to help you.)
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Originally posted by ikodel View PostYes, that's right. Agency didn't even ask a thing. So I'm fooked then?
That's the question exactly. I mentioned sole trader as the business model where you are the company (no employees).
To the others, yes I didn't seek proper advice at the time and set a company quickly due to a deadline, and the umbrella company offered to take care of all these things wanted a big chunk of my (not great) wage.
The permie job is actually paying considerably more.
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Originally posted by BolshieBastard View PostIf the company has now been struck off but a business bank account is still open with money in it, that'll be winging its way to the Treasury as we speak!
Would I be better off putting it in a dormant state?
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Originally posted by Cirrus View PostIt's really not clear what your situation is.
Do you mean you set up a limited company and used your personal current account to receive payments? I'm surprised the agency would allow that.
Originally posted by Cirrus View PostThen you mention 'sole trader'. What do you mean by that?
Is your question "Will I have to close my personal account when I close my limited company?"
To the others, yes I didn't seek proper advice at the time and set a company quickly due to a deadline, and the umbrella company offered to take care of all these things wanted a big chunk of my (not great) wage.
The permie job is actually paying considerably more.Last edited by ikodel; 1 December 2015, 14:25.
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Jesus. Sounds like no accountant has been used at all here and a personal bank account used for business purposes!?
If the company has now been struck off but a business bank account is still open with money in it, that'll be winging its way to the Treasury as we speak!
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