Business bank account - practicality questions
Discussion
Just starting my first business and about to proceed with setting up a bank account.
2 questions though really.
1. My potential accountant (not signed up yet) offer a £43 service to register a new ltd co and get a business account set up with Barclays or RBS. Am i right to assume i can do similar with Companies House direct for a lot less and have my own choice of bank?
2. Thinking of banking with Santander who seem to have some good offers plus i can pay cheques in at the post office, of which the nearest to me is only a 150 metres or so from my house. However, just wondering if there is any merit in banking with the bank whom i bank with personally (not Santander!) to streamline any transactions etc?
Help as ever greatly appreciated.
2 questions though really.
1. My potential accountant (not signed up yet) offer a £43 service to register a new ltd co and get a business account set up with Barclays or RBS. Am i right to assume i can do similar with Companies House direct for a lot less and have my own choice of bank?
2. Thinking of banking with Santander who seem to have some good offers plus i can pay cheques in at the post office, of which the nearest to me is only a 150 metres or so from my house. However, just wondering if there is any merit in banking with the bank whom i bank with personally (not Santander!) to streamline any transactions etc?
Help as ever greatly appreciated.
Company formation prices are at: http://www.companieshouse.gov.uk/toolsToHelp/ourPr...
I have to say that your accountant's charges seem pretty reasonable, but I agree that it's way better to have a bank that you can easily get to.
I have to say that your accountant's charges seem pretty reasonable, but I agree that it's way better to have a bank that you can easily get to.
You can easily incorporate a new Limited company yourself directly with Companies House for less (£13 online filing fee I believe), and it's a simple process to open an account with any bank you like. Many offer incentives for new business accounts such as a free banking period. But if you don't like forms or don't have the time, your £43 sounds like a good deal.
Another option is to buy a 'vintage company' off the shelf (many suppliers and options, just Google 'vintage company'). This is a company that is already incorporated but hasn't traded. The advantage is that it will not have a 2014 incorporation date, so at first glance it will not look to others like you just set up in business. This may or may not be of benefit, depending on your business, but I have found it useful in the past.
Using the same bank that you use personally has some advantages, particularly if you have a good history/relationship with them, and if you want to borrow. You should be able to transfer between personal and business accounts instantly too.
Another option is to buy a 'vintage company' off the shelf (many suppliers and options, just Google 'vintage company'). This is a company that is already incorporated but hasn't traded. The advantage is that it will not have a 2014 incorporation date, so at first glance it will not look to others like you just set up in business. This may or may not be of benefit, depending on your business, but I have found it useful in the past.
Using the same bank that you use personally has some advantages, particularly if you have a good history/relationship with them, and if you want to borrow. You should be able to transfer between personal and business accounts instantly too.
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