Business bank accounts

[phil_hg_uk]

That is hugely the point,what works for you. I run Sage and it is up to date every single day, but I like my accountants to check it and do the returns. They charge me £600+VAT for both mine and my wife's business, which are both completely seperate.

But thats not expensive, I had one firm of accountants who rang me and wanted to give me the special offer price of £2500 when I told them what I pay there was a very very long silence

 

[phil_hg_uk]

Not at all, they have been and still are the easiest and nicest bank I have ever dealt with. I have been with Lloyds, HSBC, Nat West and Barclays in the past, we also have accounts with Nationwide which for service in the branch is useless.

Hahaha yes nationwide I had an ISA with them fecking useless. Before I was with Santander I used to use a Yorkshire Bank personal account for the business & had to queue for around 30 - 35 mins very time I went in to deposit money, with Santander I am in there about 5 - 10 mins max.

 

[screenman]

But thats not expensive, I had one firm of accountants who rang me and wanted to give me the special offer price of £2500 when I told them what I pay there was a very very long silence

Expensive enough, in truth 15 year ago I told them that as long as the bill did not go above £600 I would stay with them, I know others paying a lot more. They are a major group with about 20 branches, but the local one suits me fine.

 

[phil_hg_uk]

Expensive enough, in truth 15 year ago I told them that as long as the bill did not go above £600 I would stay with them, I know others paying a lot more. They are a major group with about 20 branches, but the local one suits me fine.

I would say that anything below £1000 is money well spent but obviously if you can get it cheaper fine but £600 is dirt cheap really, he should be saving you a lot more than that if he is doing his job properly.

 

[screenman]

I would say that anything below £1000 is money well spent but obviously if you can get it cheaper fine but £600 is dirt cheap really, he should be saving you a lot more than that if he is doing his job properly.

I hope he or should I say they are. I check their work and have only once in 29 years of using them found something we did not claim for that we should have done, as one year they missed off use of office for which I can claim £250 as agreed with HRMC.

 

[mr_cellophane]

"use of office for which I can claim £250 as agreed with HRMC"
My last accountant let me claim £720 a year. I changed this year as they doubled their charges and the new one said that that was far too high and was surprised I had got away with it. Having said that, he said basically that so long as you don't take the p1$$ HMRC aren't going to come chasing me for a couple of hundred pounds I have over claimed.
Don't forget the office party for which you can spend up to £150 per employee. I used to put that towards a pantomime and meal with the family every Christmas.

 

[SpokeyDokey]

That is hugely the point,what works for you. I run Sage and it is up to date every single day, but I like my accountants to check it and do the returns. They charge me £600+VAT for both mine and my wife's business, which are both completely seperate.

I thought you were going to say thousands when you said it was hugely expensive.

£300 for one company is cheap and a good deal - as long as you are getting good advice too.

 

[marknotgeorge]

I thought you were going to say thousands when you said it was hugely expensive.

£300 for one company is cheap and a good deal - as long as you are getting good advice too.

£300 is very cheap, and doesn't give the accountant that much time. Presumably it's a reflection of the quality of @screenman's records .

 

[screenman]

£300 is very cheap, and doesn't give the accountant that much time. Presumably it's a reflection of the quality of @screenman's records .

Sage is my friend and is up to date every single day, I also list every item for the accountant that Ithink will help, but and a big but I only claim that which is realistic and honest.

40 years of being self employed during that period I had 10 as a limited company, I prefer sole trader though.

 

[vickster]

I'm going to have a chat with a colleague's partner who is an accountant and deals with contractors/freelancers. Hopefully he'll be able to clarify a few things.

The mortgage provider is going to write to me but the person I spoke to on the phone can't imagine there'll be an issue having my home address as business address as I'll just be computer/phone based, not storing, making anything nor having clients visit etc

Do those contractors of you out there pay for income protection? I don't get sick often but I do have dodgy joints and have needed a few operations!
I had forgotten that the endowment I'm thinking of chopping in to pay off some of the mortgage has critical illness and life insurance rolled in so I'll need to look into replacing those. Had a quote for income protection and these, and the monthly outlay wasn't too bad

 

[vickster]

HSBC have confirmed no issue having business registered at home address as won't affect the building. Just that I need to check covered by home insurance

So I can finally get the business set up etc once I've got advice from the accountant