Contractors wage payment

[Sir Lord Poopie]

Will there be any issues getting paid into my personal bank account rather than a business account for the first week or so of a new contract? Not had time to set up a business account etc.

[Carl_Manchester]

Sir Lord Poopie said:

Will there be any issues getting paid into my personal bank account rather than a business account for the first week or so of a new contract? Not had time to set up a business account etc.

I think that's a big no, no.

Book an appointment at HSBC Business, they will create a business account on the spot, you just need to bring a few things with you on the day.

[10penceparalyzed]

utter bullst

[Chozza]

Surely if you have a new contract , you are at least a month away from submitting the first invoice , so plenty of time to get an account set up?

[Sir Lord Poopie]

Chozza said:

Surely if you have a new contract , you are at least a month away from submitting the first invoice , so plenty of time to get an account set up?

It's weekly pay.

[Carl_Manchester]

If its a business to business transaction (depends on the contract type) you will most probably be refused if you ask them to pay money into a personal account and not a business one. Have a look at your contract that is the key thing.

Edited by Carl_Manchester on Friday 25th November 22:30

[cowboyengineer]

Santander can give you account details the same day. I won't pay anyone in to a personal bank account if they are working through their owns Ltd company

[Chozza]

Sir Lord Poopie said:

It's weekly pay.

What industry are you a contractor in?
If you are really contracting,then suggest that you need to stop thinking about things in terms of pay. Suggest that you speak to an accountant, they might be able to sort a bank account for you, but will be able to advise you on how to reduce the tax you pay.
Sorry if Im teaching you to suck eggs,but getting this right saves you £

[MrOrange]

If you are a sole trader then there is no reason why not. It will make your end of year accounts fiddlier so swap it over to a separate account asap.

No client should refuse to pay into a private account as long as the invoices clearly state the nature of the work and you have a proper contract in place. You are not an employee, it is not a wage. Be careful here as there are serious tax implications if you misunderstand or misaccount for this at day one.

The legal entity you trade under is important (PLC, LLP, etc) so your tax accountant needs to be tickled-up for advice.

(there maybe exceptions in certain industries, construction rings a bell, as does "computer contracting").