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#1 15-07-04 10:27:12

Natalie
Member
From: Leeds, West Yorkshire
Registered: 03-03-04
Posts: 176

Bank & Accountants

Hi everyone

I am guessing that those of you who are on trainee licences or have just passed part 3 will have a Bank Account and Accountant.

I am currently studying towards my Part 2 (test on 8 Sept) and was wondering who was the best bank to have a business account with.  There are so many offering so many different things and I think I must be thick as most go over my head  :oops:

Also what about an accountant who would be the best and how much do they generally cost?

Cheers

Nats

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15-07-04 10:27:12

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Re: Bank & Accountants




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#2 15-07-04 12:53:00

adi
Verified Member
From: shropshire
Registered: 28-02-04
Posts: 1,231
Website

Re: Bank & Accountants

If you have a business account you will be charged every time you bank cheques and an amount per 100 pounds cash you bank. You pay for cheques you issue too. You may end up paying 30-50 a month for this.
Personally i use my current account, after all i am paying in my wages and i am independent. Just ensure any cheques are made payable to you and not your business name.
If you want to take on other instructors or go into a partnership then it is advisable to set up a business account.

I have an accountant which costs me about 200 per year.

hope this helps

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#3 15-07-04 14:29:00

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Bank & Accountants

Hi,

Yeah, stick with a seperate current account for as long as you can! once you get a business account you'll get heavy hits on the bank charges.

I managed to get a halifax cardcash account which allowed me to bank cheques made out to the company. but I eventually got kicked into touch last year.

I'm with HSBC now, and apart from the charges I'm pretty happy.

My accountant only charges £120 per year per instructor and does a great job! Well worth it.

Good luck with it all.

Regards,

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#4 15-07-04 15:26:32

Natalie
Member
From: Leeds, West Yorkshire
Registered: 03-03-04
Posts: 176

Re: Bank & Accountants

Thanks for the advice guys I thought that would be the case with the Bank Accounts.

Where would I find an accounting.  I think who I am training one provides one for the first year but I am not sure about if I go on a trainee licence.  Will I still need one then too?

Nats

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#5 15-07-04 17:25:17

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Bank & Accountants

Hi Natalie,

Ask around some of the local instructors about who they recommend as an accountant. It's probably not best to use a big company that's not local to you, as I've found I get a much better response from people I can talk face to face with.

If you go on a trainee licence you will earn money, so yes, you will need an accountant. If your trainers provide one, then make use of it.

Regards,

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#6 15-07-04 19:53:13

Liesa
Guest

Re: Bank & Accountants

Natalie

You don't have to use an accountant!

I've always done my own books.

All you need as a sole trader is a basic cash book, and once a year you'll need to fill in and send off your self assesment tax return. I spend around 10 - 15 minutes a week on the books and the self assesment only takes me 2 hours at most once a year. Nowadays you can even submit your self assesment on-line.

If you have any problems just give your local tax office a call and they're happy to offer whatever advise is nessesary!

As far as bank account are concerned, as above use your current account wink

#7 15-07-04 20:37:57

Bob_FOADS
Guest

Re: Bank & Accountants

Phew, thanks for giving that advise Leisa. I've been in the game a year or so now and have done my own accounts. Was begining to think I'd missed something with everyone paying an accountant.

I log all my incoming and outgoing each day on a spreadsheet (takes a couple of seconds and you don't have to remember what you did anymore than 8 hours ago) and have now twice filled in a tax return on line.

As for the accounts, HSBC offer you a second, personal, current accout just the same as my original account just got a different number, chequebook etc and all free of any charge other than those you get on a normal account (intrest if you go in the red etc).
Don't nknow if I need it really but it keep work and private seperate in case the tax man ever calls.

Again I do my banking on line so moving cash around is dead easy (hopefuly only easy for me not someone else getting into the account)

#8 15-07-04 21:03:29

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Bank & Accountants

Hi,

Your all right as usual. Doing your accounts is pretty easy, I did my own for years and never had any problems, but now I have several instructors I would hate to have to go back to doing it myself. My accountant has saved me more than I've spent on him.

Have fun and regards,

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#9 15-07-04 21:39:03

Badger
Guest

Re: Bank & Accountants

An accountant should be able to save you their fees in reduced tax payments.

They know the rules and will stop you falling into tax traps.

The Treasury is continually changing the game plan, registering as a limited company is just one example, and only accountants can steer you through that maze safely.

Badger

#10 16-07-04 07:26:38

Liesa
Guest

Re: Bank & Accountants

We also use spreadsheets to do our accounts, we save all the information on a floppy disc, just in case the computer was to pack up, and print off hard copies as well, I like to cover all angles just in case something goes wrong!

As far as an accountant being able to save you the cost of their fees is concerned, if you do your own books all you do is pay tax on that amount of your income, instead of the whole fee that the accountant charges you, so It'll still save you more in the end!

Just a thought wink

The rules on being a limited company have changed according to my sister, who took the time to register as a limited company, and from what she's told me the 1st £10,000 is no longer exempt from tax. So is it worth going to the trouble of becomming a limited company in the 1st place? plus the fact that when you become limited there's a lot more paperwork to deal with, just defys logic in my oppinion!

#11 16-07-04 08:01:18

Natalie
Member
From: Leeds, West Yorkshire
Registered: 03-03-04
Posts: 176

Re: Bank & Accountants

So is there some sort of software then that you get for doing your own books???  Also how do I know what I can claim tax back on?

I am just worried I may get something wrong.  I would quite like to do my own at least that way I know what is where.

With regards to the Bank account I too would prefer to have a separate one to my personal account so do I tell the bank that that is what its for or do I just open another account and so nothing.  Don't want to go getting myself into trouble.

Am I a wimp or what!!!!!!!


Nats

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#12 16-07-04 12:20:12

Bob_FOADS
Guest

Re: Bank & Accountants

I satrted to inform the banck as to why I wanted the seperate account and the nice person informed, me before I could say too much, that 'this can only be for personal stuff, not a business' So I shut up and just opened the account no questions asked wink

#13 16-07-04 18:42:09

adi
Verified Member
From: shropshire
Registered: 28-02-04
Posts: 1,231
Website

Re: Bank & Accountants

hi again,
I think Bob said it all really, just use a normal account and say no more, your not going to get arrested for it! If you want to go business account then do it, but be prepared to pay for it!
I use my current account and i am in the bank twice a week seeing the same staff, they know what the cheques are for but they couldn't care less. I used to run another business years ago and opened a business account to make it 'all professional like', but ended up paying 60.00 a month! Thats enough to pay your insurance and more!

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#14 17-07-04 07:20:21

Liesa
Guest

Re: Bank & Accountants

Hi Natalie

You wrote

So is there some sort of software then that you get for doing your own books??? Also how do I know what I can claim tax back on?

Go through the programmes on your computer, you may find you already have spreadsheets on it!

Spreadsheets come as part of the microsoft works package, or you can buy a software programme called EXCEL.

The tax office run free seminars for new businesses at which, they give all the information you'll need, to be able to set up and run your books effectively & legally. They'll also provide you with information videos, booklets & leaflets which you can use for future reference.

Just give them a call, you'll find their phone number in, both the phone book and yellow pages, and you can find out when the next seminar is & arrange to go along to the next one!

And if you ever get stuck all you have to do is, phone them up or drop in, and they'll go through your query with you. As well as the above when you receive your self assesment pack in April, contained within this is a guidence booklet which shows what you can and what you can't claim.

Hope this helps!

#15 19-07-04 09:57:07

Natalie
Member
From: Leeds, West Yorkshire
Registered: 03-03-04
Posts: 176

Re: Bank & Accountants

Thanks guys that's brill.

I will give them a call Liesa thanks.

So glad I found this forum big_smile

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