Bri19876 months ago

I have a LTD company and sole director can i remove cash from business account as and when required as long as i have all the available funds to pay taxes at year end accounts (PAYE/Corporation/Dividends) If turnover is estimated at £90000 expenses £16000 what would be the best way to submit these accounts any information appreciated. Can anyone recommend a good book on running a LTD company  

Mary5 months ago

We run a small taxi company, established in June, and we've been looking at how to organise our banking. It's a partnership with my wife and I but I'm wondering if there's actually any benefit to us having a business account and paying a monthly fee rather than having a separate joing bank account in our names just for business money. We rarely have any cheques to pay in and when we do they can be made payable to us... so is there a reason we should get a business account? It's not a big company, this is us:- http://www.castle-cabs.co.uk Any opinions would be appreciated!  

Pete_W4 months ago

I wish I'd read the thread before launching in to offering payments on line for my customers. I didn't want anything on my site. I wanted to take a card or send and invoice. It seemed easy to set up with Pay Pal. Then a week in the whole thing went belly up. I'd set up a business account and then because as a business I'd done £1700 of business they blocked the account. How can you offre a business account that defaults at £1700. I then had to re-confirm a whole load of othings such as card etc that I had already done, and then they said that my business was not welcome, but wouldn't tell me why an dthen would let me withdraw money for sales I'd made. They are amateur in my opinion, great for selling your old tata for a few pence but I wouldn't go near them again. I called RBS World pay and bingo off and running. Diffrent World.  

Fionas_Boy4 months ago

Hi, I have recently started up my own driveway company, I am running low on reserve money whilst I started up therefore I need money to start hitting my personal account so imagine I'm going to have to start paying myself a wage, just a small amount should be ok just now I'd imagine, I also would "prefer" to start paying my wife a wage for her admin and research work, I dont own my house so perhaps thinking I should also perhaps look at some sort of state benefit towards rent and council tax whilst I get through this first year, no idea where to start other than transferring money from business account to my personal account, will I have to register myself and my wife as employees or as directors?? any help be much appreciated, thanks,  

Gary19964 months ago

Cashplus have often been recommended on here to people struggling to open a business account with the high street banks. Unless things have changed, they weren't covered by the FSCS and had no facility to pay in cheques.  

Fionas_Boy4 months ago

I'm seriously losing the will to live. Why the hell is it so god dam hard to open a basic business account in a limited company's name when you don't want ****** credit facilities! I have had issues with a past business (6/7 years ago) which resulted in myself going bankrupt, it happens. But I've just started a new limited business and I have money coming in that I need to place in an account. Fast. Every bank I've gone to, the computer says no. Even Natwest, who specialises in such accounts said No today. Apparently my "credit check is fine" but it seems because I was banking with them when I went bankrupt 6/7 year ago I have some form of 'personal' black mark against my name, even tho I've been banking with them personally for the last 5/6 years and can see what I'm like. why oh why! This whole banking system is flawed and is really starting to p*ss me off. I shouldn't have to be fighting to open an account that wont put them in any risky position what so ever. I have better things to do with my time. Anyway, rant over and I feel a little bit better now. What I want to ask is, does anyone know of any other way I can open a business acount in my limited company's name? I have stumbled across cashplus for business and looks promising, but I thought I would put the question out there just in case someone knows of another router I could go down. Thanks for you time reading me rant and any help you can offer me  

Corrie19994 months ago

This is one of our account holders - http://www.jiosoft.co.uk/ "Designed to be easy to use, yet powerful and flexible, the JioSoft Money Manager Personal and Small Business Accounts software allows you to track all your bank accounts, credit card statements, stocks and shares, income and expenses, loans and mortgages, asset values." Seems to be very popular with the people who purchase it. Might be worth checking out if you would like options.  

petHead4 months ago

I guess the secret is not to use that card as your main account, I would imagine you could transfer a set amount each month to cover payments etc, keep it simple and with the help of cashplus your credit rating could improve. However for the sake of simplicity Barclays do an account a basic business account with a debit card and chequebook, so try this first  

MDG Ltd4 months ago

Hello, I have a small Ltd company that I registered for vat although it wasn't necessary, I did this because the company that I was planning to work with said that without vat they can't work with me, it's a chain bakery and I'm installing the cctv and alarm system in their premises. I did only 4 shops roughly around 8000£ and planned to pay the vat at the end of the year. When I talked to an account he advised me that I had to pay every 3 months and that because I haven't registered any expenses I will have to pay an extra 20% on top of the vat. I don't have a company bank account and all the money made from the jobs went straight into my personal account. I found out later that I also need a business account. I feel the situation is very messed up and I acted without doing extensive research. Now before I make another stupid mistake I'm asking for advice. The company ows roughly 2000£ in vat plus the 20% the accountant told me about. At the moment I don't have the money but I have a day to day job and I'm trying to save so I can pay. Should I contact hmrc? Should I try insolvency? What would be the best course of action? Thank you!  

Mary4 months ago

I am looking to close my O2 Business account. The limited company to which the contract was created with ceased trading at the end of last month and has been folded. O2 are asking for £400 as there are 12 months left on a 24 month phone contract. I accept I'll probably end up paying the bill but am curious as to where I stand legally on this. As far as I'm aware, the maximum they can claim is the share capital of the company (which is £2). Is this correct?  

Gary19964 months ago

I am amazed that a Cardiff bank sent a letter, without prior phone call or meeting, to an Entrepreneur who had his own funding and equipped rented premises then employed staff. Within 3 months his business sales' revenue will commence incoming for orders of produce currently requiring growth. No money is required from banks and he still has funds to continue operation, however his bank's letter stated they are going to close his business account, without reason. Could this sudden strange action be because he used his money to set up and employ staff plus still has plenty of funds but will not receive incoming revenue for 3 months ? Have you ever heard of this being done to entrepreneurs with capital ?  

Col Minessota4 months ago

Hi guys, I recently started a ltd company in March 28th 2013, whilst the whole aspect of sales and production etc has been ok the whole tax side of things baffles me, I do have a 2nd meeting with accountant shortly, reading through this thread there's one thing I can't grasp, when I count up profit and loss there's profit on jobs, however when I take off my start up costs(van, laptop, desk, iPad etc) then I essentially make a small loss, however there is close to 10k sitting in my business account(profit before purchases which were purchased before business start up or with my own funds), who does that 10k belong too? Many thanks..  

petHead4 months ago

The cheque was from a business account that had been effectively dormant for more than six months. There was no overdraft facility and not enough funds to clear the cheque, so the account went overdrawn. I telephoned and asked how long a cheque remained valid for after I had written it. I was told six months and they would start an inquiry. A letter came back saying under their terms and conditions they can clear cheques older than six months. I'm in two minds about this about whether to pursue this. Would you?  

Red4 months ago

Hello, I require some advice in regards to setting up a business account for my LTD company. I have noticed that a lot of business gets there accounts reject from high street banks for simply selling ' sex toys '. My business will be a adult dating website which allows ' independent escorts ' to advertise their profile within my website. I have made some research into what merchants to use and came up with web-merchant The issue I now have is what bank to use. I feel like most will reject my application. Is there any suggestions? including offshore banking. Note that the company will set up in the UK although this can be change with the right incentives  

MDG Ltd4 months ago

Business accounting software has reduced the potential for errors, particularly following the introduction of the Real Time Information (RTI) legislation

MDG Ltd4 months ago

Due diligence - check out the franchisor business accounts, Director's background etc Market - Is the market stable and growing? Do they have the infra structure and track record of supporting franchisee's and can they demonstrate this?  

MechExp4 months ago

Alhax said: ↑ Hi guys! I have looked everywhere on this thread and it looks like my situation is too uncomplicated.... I have a small shop and traded for the last 2 and a half years and decided to close it as is a waste of time and money. I have a few hundreds in debt towards the council (rates) , same for British Gas and a few others. The biggest amount is towards my landlord 3k (he has a 3.5k deposit) and I have an overdraft of 2k on my business account (I think I have an PErsonal guarantee on it) . The only assets are the fittings and stock (around 2k) . What is the best option, strike off or liquidation( cannot afford it). Please help with this !Click to expand... Provided you are trading as a LTD company and you don't have any personal obligations to landlord: Remove the fittings & stock under the cover of night, post the keys through the letterbox on your way out of the shop, invite creditors & landlord to wind up (they won't). Companies House will wind it up in due course. You'll never get the £3.5k off the landlord so don't bother trying. Surreptitiously sell stock & fittings to go towards your £2k overdraft. Then start enjoying your life again! Don't regret having had a go either, at least it only took 2 years to get to this point.  

Col Minessota4 months ago

I'd be really grateful for some advice please, I have read thru the SpongeBob plan which is a great help but have some specific questions. We have a Ltd company formed in Scotland just over a year ago and we are now in a position whereby we have no choice but to cease trading. We have approx. £1200 in the bank and debts of approx. £2,500 to one creditor and £7,000 to another (the secondary amount was in the form of a loan by my father to help start the business up) No overdraft. We had to cease trading on 25th December. I understand the process in terms of the SpongeBob plan but am not sure what to do regarding the monies we have in our business account - clearly the larger debt is the secondary one, but I don't want to do 'the wrong thing' regarding that money. The first creditor mentioned above is already shouting about taking a civil action against us if we become insolvent for a director trading whilst insolvent - we have as yet not told anyone of our plans...Can he do this? Our livliehood is now gone so can we take some of that money We have no real assests - only thing put thru the company re assets were a couple of desks/chairs and phones. Id be really grateful for some advice as to how to proceed in terms of the above debts and the money we have in our business account. Many thanks in advance.  

Matchmaker14 months ago

Hi, I purchased a plug adapter for my office which came out of my business account so I recorded this expense as a spend money transaction in XERO. However the adapter never turned up so I filed a claim with amazon and got my money back which they paid back into my business account. I am not sure how to handle this receive money transaction for the refund as I only have the account code options "Sales" and "Other Revenue" in XERO? Thankyou  

Mary4 months ago

Hi I have a business account with Santander for my limited company (which has been in business for a year) I ran this business as a soletrader for 5 years before that. My outgoings have recently increased by a substantial amount and I am about to run into cash flow issues, I have money due in but for at least 4 to 6 weeks. I don't have an overdraft currently and just called to set one up and was offered £1000 overdraft (based on money paid in over the last 6 months), that will nowhere near cover what I need and feel it's unfair to judge the last 6 months income as my income is very sporadic. I will defiantly be changing banks as there are a few things I'm not happy with at Santader but that doesn't solve my cash flow issue. Anyone been in a similar situation that could advise a good solution? I've looked at invoice factoring but don't feel comfortable with that.  

Porker4 months ago

Hi all, Our Ltd was incorporated this year in March. Yesterday I was reviewing our documents that were filed with the Companies House and realised there was a mistake in our "Statement of Capital" and "Initial Shareholdings". Both documents feature the shares as paid, but they actually haven't been paid yet (we don’t even have the business account open yet). I’m not sure whether it was our mistake or the registered agent’s, but that's how it is. What to do? Is there an easy way to correct or amend these two documents? (The other issue is that one of the shareholders wants to transfer his shares to another, and now we're not sure which form to use - J30 or J10 - to just consider the shares as paid as the documents show, or to consider the real situation, i.e. as not paid). But on the other hand, I’ve just found this explanation on a website, “Shares can also be issued and considered as paid up without any monetary transaction.” So is it possible that our documents are even not wrong? And why/how could shares be considered paid without any monetary transaction? I don’t understand that. I would really appreciate if someone could advise us a simple practical solution to this. Thank you!  

FordOwner4 months ago

Hello I got myself into some bad credit in the past year so now after I ve cleared all my debts I wanted to start fresh but it s quite hard to get a business account with my credit so my accountant advised I should go online and start searching for ready made companies with active trading accounts, he told me that I should expect them to be a bit pricey but I got no other option . Right now I m using whenever I can my personal account and ask clients to pay cash whenever they have the chance, but it became a struggle as my client agenda is filling up again. So anyone out there looking to sell his/hers old company I m your man. Thank you all  

petHead4 months ago

I have a business account with Nat West. Just before Xmas, I called in to my local branch, and after paying some takings in, I asked them seperately to value some Polish currency my step-daughter had left over from a visit to Poland several years ago. The cashier told me it was worth £300 and did I want to exchange it for Pounds Sterling? I did so, and thought that was that. Until today that is, when the bank rang me and said that the notes I had exchanged were obsolete and could only be exchanged in Poland itself. They said the "mistake" didnt come to light until they sent the notes down to head office, and said the cashier hadnt done enough checks to establish the validity of the currency. They then asked me to either call back in and give them the money back, or they would have to debit my business account. I didnt have the money paid into my account, it was purely a cash transaction. When i pointed this out to the bank, they said they only did the currency exchange because I was an account customer. They have said I need to go into the bank and pay the money back within 7 days. Anyone any ideas on what I should do? and whats the legal position about them just taking the money out of my business account?  

Porker4 months ago

Hi faradaykeynes, Thank you. I do have a website - 'alexroanphotography dot com'. I have done some SEO set up, but I am sure I can optimise this more - thanks for the tip. I will register on google maps and check out people per hour. I also hadn't set up a facebook business account / page yet - will do that. Thanks for the ideas ! Alex  

R2_Amazeballs4 months ago

Hello People So i had a compulsory strike off for our company due to occur on 08.08.2016, but I just checked the beta company house status check, although the Status of my company is "Active — Active proposal to strike off", I had a look at the filings and now I see on the 19th July Strike Off has been suspended. Now the reason I have came to this forum is to find out three things: - How do i find out who objected? - If the matter is resolved with the objecting company, can the strike off resume? - Why have I not been notified? I do owe money to my TSB for my business account which is currently -£350, for HMRC i do not currently owe any money but I do have a Corporation Return due by June 2017. Any money i'd owe to them would be a tiny amount. So can i get some help on what i can do? Mainly need to find out who submitted the objection... Thanks, M  

Corrie19994 months ago

considering the business is dissolved, not sure of how the business account is running/ active, unless you have not informed them. Not really to sure if it would be considered a problem if you had transferred money from your business account to personal? seeing that business ltd is regarded a separate entity and a unauthorized payments may be considered illegal or deemed as theft. What you could do, not sure if it would be a problem,....rather than making a transfer from your business to personal, why not make a payment from your business account to a family members account and then tell them to make a withdrawal. At least that way if there was a problem you can say that you had offered the customer a refund on a job or something ? Let us know how you get on Regards Cameron  

FordOwner4 months ago

Hi all, I am trying to file my account but I have an issue with the previous year loss : For example, if for 2012, my "Called up share capital" was £10000 and the "Profit and loss account" was -£9400. As a result, for 2012 the shareholders's funds was also £10000-£9400=£600. For the year 2012 - 2013, my company has not any income but have further administrative expenses of £533. So, I would like to know : for the year 2012-2013 if it is right, in which field should I put the loss 0f -£9400 (2012 loss above £6000 was paid to myself as dividend and the rest was used for administrative task and websites development)? Is it correct that the "Called up share capital" should then be my original £10,000 (while there is no cash anymore in the business account)? Thanks in advance for your help,  

Pete_W4 months ago

Hi guys hoping you can help me here I will try and explain in a nut shell, I have had my business for approx 8 years, I went limited on approx March 2015, I am the only person involved in the business. I sell and source vehicles, however over the last 2 years business has been extremely slow and the last 6 months sales have been non existent. I currently have 2 vehicle on stock worth about £9k retail these I have had for many months. At the minute my overdraft is approx £23k obviously if these vehicles sell i will be left with a shortfall on my overdraft to pay back to the bank approx £14k. I don't owe anything else my VAT and tax is up to date however there will be a VAT bill due shortly which will obviously make the overdraft more. The business has no savings. The overdraft will increase as bills for the business rent etc are going out. My question is can i just disolve the company not sure if that is the term but will I be liable for paying the overdraft back. Also i took out a £10k loan 2 years ago to top up the company bank account this is being paid back every month, the loan was taken out in our personal account and the money transferred from our personal account to business account and i have set up a DD every month to pay back into our personal account the monthly payments. My question is can i use what left in my business overdraft to pay the balance of which is approx £7320 or is this wrong. Any Advice greatly appreciated as I am at my whits end. Thanks Michael  

Matchmaker14 months ago

Client transferred a payment to my personal account (business account I'm opening in a few days) and bank blocked my account, they told that I've to send them proof of payment so I've sent them the invoice, because it's really important to receive payment on time I've asked how much time this process will took they said that there is no time scale, so probably it can took a week or more so I would like to cancel the sale and make a refund for client, but they declined this request. So now I don't know what to say for client, without a payment I can't provide a product, client is waiting from me a reply or a refund. Anyone had such experience with bank? I'm really confused any help appreciated  

MechExp4 months ago

Hi. I have started graphic design ltd company with 2 directors (I'm UK resident and second director is not - he lives in Poland) and now we are trying to open a bank account. Today I called one bank. They told me that it's because one of the directors is not resident in UK, I have to speak with an international team. So, after short conversation they asked me how much money I'm planning to put on this account at the beginning. I asked them what is the minimum and they told me that it's 2,5 mln pounds! This is ridiculous. We are a start-up company. Do you know which bank can open a business account for ltd company without difficulties like that? Do you have any ideas how to do this? Also can you guys tell me how much time do we have to open a bank account after company incorporation? Thank you!  

Pete_W4 months ago

@mothdust (personal account, much swearing) @dinohoodie (business account, family-friendly)  

Bri19874 months ago

Our Business Account comes with a Mastercard® Business card and is a great alternative to a business bank account. It’s available to any size or type of business or organisation, public or private, such as:

Pete_W4 months ago

Hi and again thanks for the reply. I have two additional questions, i) As the funds for expenses are high (flights, hotel and apartment) in my opinion, can I choose to keep the money in the business account, once I have deducted the amount for corp tax purposes, like a float to then use as I see fit? possibly as additional payments/salaries/wages etc to myself staggered over a period of time, or my initial thoughts were to use the funds for marketing and some new office equipment. Also, if you don't mind giving some additional advice on this topic I'll post here given you have noticed my previous replies and have answered fully. If needed someone (moderator) can move the post, my query is this: ii) I have looked into setting up a charity, that provides funds (from events, sponsors etc) to good causes, nationally and internationally, what I have read is that charity funds available to disperse to good causes need to reach a threshold before one can become a reg charity, however as I will be new to this area we'll start with low funds, can I still work via the business on charity based projects and still gain the business reliefs available (not being a reg charity)? or will I have to wait till I have accumulated enough funds for dispersement then reg as a charity and only then give the money to the good causes, to then gain the business reliefs? As always your replies are appreciated.  

Fionas_Boy4 months ago

Business Account

Funnily enough 10 years ago this was how we started, not so much importing but found a product range we liked and a supplier who was willing to deal with us. It was quite worrying having a large amount of stock at home so we eventually got our own place. I mentioned self assesment before because if there's anyone you wan't too keep happy its our friends at the HMRC, I suspect you will be using Paypal via ebay to take payments which if the amounts get large will be flagged by the bank and they may request you to open a business account, then once your sales hit a certain figure you will need to register for VAT as well. The good thing is that some of your home expenses can be offset against your tax burden so in the early years it shouldn't be too bad. HMRC also now has software which is checking up on ebay/amazon sellers. All I'm really saying is that if your serious about this don't cut any corners with your taxes. If the worst happens and you need to make a private insurance claim and they send an investigator round it would be a bad idea if your house looked like Del Boys. Maybe renting a cheap secure lockup/storage facility close by might be worth looking at in the early days.  

Gary19964 months ago

When we were just two founders, we had a shared personal OneNote notebook and one of the notes contained all business account names and passwords. Now we have expanded to 5 we need better security. I could keep the same "system" just have different notebooks shared with different groups of people. Or sign up to LastPass which means everyone needs to install password management software. Any recommendations? Thanks!  

Pete_W4 months ago

I'm all set up, registered and have an appointment with the bank manager on Tuesday to open the business account and see what help is available from them. At the moment, I am paying lead companies £29 for web design leads but it really isn't working too well. In the meantime I am working on SEO trying to get ranked in the search engines. Is there anything else I should be doing to drum up some business? It's just me at the moment and I am new to business so everything is a learning curve. Any advise is welcomed.  

Fionas_Boy4 months ago

If your company owes no money to anybody or the revenue then the money belongs to you I would bacs to your personal account now as it is unsual for a bank not to freeze a struck off business account Maybe your company is still active . At the end of the day you need paying for the work that you did . Paying your mortgage and putting food on the table is important . If you pay you personal tax due on this money there is not a lot than can be done I would record it as a due salary payment from when you view the company as running  

R2_Amazeballs4 months ago

I have a Royal Mail business account sending lots of small parcels to the USA, however I occasionally get wholesale requests, but have had to turn them down due to shipping costs. A personal customer sending this parcel through Parcelforce would cost £124! Does anyone have a Business account with Parcelforce? How much would a parcel cost in comparison; I'd like to know if selling wholesale is feasible? Weight 12.85 kg Width: 26cm H: 33cm L: 39cm Thanks.  

Watergirl4 months ago

Hi, First post, so go easy ! I took over my Dads business the start of this year. He asked me to do this on his death bed. I appointed myself director, kept customers happy made sales, revamped website etc etc. Problem was my Dad left no money in the business account so anything I made went back into the business - I never took a salary. The company made a loss and I didn't own the rights to the product I supplied, so I had no equity. I paid an accountant to do all the accounts (they were a mess with incorrect figures dating back to 2015) - he did his own accounts. I paid all debtors off , paid his over due VAT bill from 2015 and went about closing it down. I didn't inherit any money from my Dad just a failing business that I did my best to wind down professionally helping all customers along the way. All the money I have made this year has gone into paying his debts off, various unpaid tax bills from the year prior. His wife recicived all his money so I basically earns 0 for 9 months. I feel a bit angry as she has all his salary without my costs :-( that I have incurred. I'm angry at my Dad mostly which is upsetting. I now have a corperation tax bill from last year to pay. It's a VAT Ltd company, I haven't traded for 3 months as I want to strike it off. How do I pay these debts off, do I claim against his estate which would anger his wife ? Do I take a loan ? (Approx £4000 tax to be paid)  

Porker4 months ago

Hi everyone I am new to this forum and was wanting some advice please. I currently work as an assistant accountant for a large company and have done for several years. But I have always wanted to work for myself to be able to spend more time with my children...... at the moment I seem to work all day and search the net all night neglecting all who matter . I've done the little things, got my domain, got a business account etc but have hit a brick wall, I was initially looking to go to Alibaba for my stock and manufacturing needs but have read some absolute nightmares!!! So I am looking for any advise on uk wholesalers and also uk manufacturing companies that would be prepared to have a meeting to discuss my requirements which will be between 200 and 400 pieces to start with, and hopefully increase. Any recommendations or advice would be greatly appreciated. Thank you  

Bri19873 months ago
This topic has been discussed elsewhere
- see here