Reply to: Business Bank Account Refused Again Grrrrr

[Helios]

Hiya. Thanks for the advice lile. I am now trying RBS. I dont care about credit card or overdraft and stuff. I just want an account to pass paymenys from agencies.

Banks can be so lame. All I applied for was the equivilant of a halifax cardcash account with not overdraft or anything, just in the name of my ltd co.

As for who ever talked about me not paying back the hsbc that I owe. I have been paying them back for two years. Recently sold a item on ebay through paypal that will pay off the debt.

[lilelvis2000]

I was originally refused by HBOS, Abbey, HSBC. But RBS were fine with me. They didn't do any credit checks. lucky me. And I managed to negotiate a credit card without the personal guarantee - mind you it has a low limit. But I've never used more than £200 of it at one time so what do I care?

Give them a try.

[meridian]

Lighten up meridian - it was sarcasm...

Sorry AtW, must have missed the smileys

[Fungus]

Lighten up meridian - it was sarcasm...

Sounds like you are practising Englishness in preparation for the citizenship test.

[AtW]

Lighten up meridian - it was sarcasm...

[expat]

What possible loss could it be to a bank to give someone a business account, without an overdraft, just so i can take payments from agencies?

Why do you want to know?

[expat]

Any?
One of my favourite analogies is, if you were mugged walking home each day but the mugger only took half your pay to make sure that you could still eat to live and work and therefore continue to get mugged, wouldn't you choose a different route home after a while?

Second favourite is from case law - if there is a free road and a toll road, no man is obliged to take the toll road.

Hmm. Your analogies are pretty dodgy too. I could rework them but it's probably not worth the trouble, however:

1. If the football club kept taking money from you every time you went through the turnstile, wouldn't you start looking for another way in after a while?

2. If there is a free road and a toll road, is any man obliged to pay the toll just because he uses the toll road?

You probably don't see yourself in these analogies, but I do. You can bet HMRC do.

[meridian]

Sounds like your whole family is dodgy, I hope you will teach your child only good things, ie pay taxes on time and in full without using _any_ tax minimsation schemes?

Any?
One of my favourite analogies is, if you were mugged walking home each day but the mugger only took half your pay to make sure that you could still eat to live and work and therefore continue to get mugged, wouldn't you choose a different route home after a while?

Second favourite is from case law - if there is a free road and a toll road, no man is obliged to take the toll road.

[MarillionFan]

Of course ATW. And to say hoorah when the King comes on the television.

[AtW]

The xfer to my gfs account was just sublime.

Sounds like your whole family is dodgy, I hope you will teach your child only good things, ie pay taxes on time and in full without using _any_ tax minimsation schemes?

[MarillionFan]

Its only a number. It blurs a little with your own account, but if you were so minded you can do it extremely easily

I personally then transferred the money from my personal to my business account. In effect, if you wanted to do a few 'keep it quite contracts' the only way to get caught is a) To mess with the VAT , b) You get an audit where they go for your personal accounts, c) They audit the agency and then follow it up.

The xfer to my gfs account was just sublime.

[AtW]

Its certainly not illegal to use your personal bank account for business purposes so long as you document it all, one should expect IR to be interested though. As for payment purposes account is account, its legal to use personal acccount for that and number is a number, doubt those who pay care in the slighest.

[VectraMan]

I think if you use your personal account for business then it exposes you to IR checking it in detail and it would be hard to draw the line between personal and business.

Probably a bad idea I agree, but in theory your account balance is just a number so it isn't too difficult to keep track of how much of the money is yours, and how much is the company's. If you were ever tempted to use the company's money for something personal, then you'd be in the deep doo doo.

I take it you're not planning on paying back HSBC? Maybe they'd convert the bad debt to an account with an overdraft if you have evidence (i.e. a contract) that there'll be money going in.

[AtW]

I think if you use your personal account for business then it exposes you to IR checking it in detail and it would be hard to draw the line between personal and business.

[MarillionFan]

"I must admit I have never thought of doing this... are you sure it works ?"

Absolutely. Tried it a couple of times over the years. One to my personal one to my gfs account for short-term week long contracts.

I met a contractor who for over 3 years had been doing it to his personal account, plus charging VAT. Never paid any tax whatsoever!!! He was extremely nervous and always looking over his shoulder for the pull from the police though.