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#1 28-12-05 00:47:29

PiperIan
Verified Member
From: Renfrewshire
Registered: 18-06-05
Posts: 768
Website

Going It Alone !!

I am planning to go it alone shortly.  I have picked my School name and designed my own logo.  I have opened a business account with my local bank and I have also done as much research as possible checking that the name of my school is not the same as any other school in the area (infact the whole of Scotland).
I was wondering if my business, although very small with a huge staff of one, should be registered anywhere like Companies House.
I think Companies House is going over the score a bit but could any other ADI one man bands give me any pointers on this.
Many Thanks.  roll


I'll never forget Wotzizname !!!

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28-12-05 00:47:29

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Re: Going It Alone !!



#2 28-12-05 06:22:45

sparkle
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Re: Going It Alone !!

Im independant and I dont have a seperate business account, in fact i dont know anyone personally this end thats an ADI that does :shock: ..all goes into the Halifax..and all is dandy with the lovely Colin my accountant.

I wouldnt bother with companies house :? I wouldnt have even crossed my mind to be honest...but thats me lol

Im sure someone else will come along in just a moment and be all for your ideas lol  wink

Good luck with ya solo ventute..

p.s....you wont regret it wink

#3 28-12-05 06:54:29

Bull on edge
Verified Member
From: NI
Registered: 13-03-04
Posts: 1,475
Website

Re: Going It Alone !!

No need for companies house, nor for a business bank account.

A seperate bank account is a good idea to keep personal and business expenses apart, but not a business account which just costs money as I discovered the hard way. sad

Good luck with going solo

Good decision as far as I am concerned.


In Memory of Margaret (Mags) Adair ADI 

£2500 raised by our car on the Lejog and presented to Marie Curie, thanks to all who donated or helped in any way. David and Joe

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#4 28-12-05 09:03:35

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

Re: Going It Alone !!

I was forced into getting a business account when I expanded to about 7 instructors, keep it personal until you really have to! The amount of money they charge on a business account is evil. :evil:

They even charge you for putting money into your account. sad

I'd also advise to remain as a sole trader the paperwork associated with running a company isn't for the faint hearted.

Concentrate all you efforts on marketing and delivering a great service and you won't go wrong.

Good luck.

Regards,

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#5 28-12-05 09:39:14

Ozzie
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Re: Going It Alone !!

bigred wrote:

I was forced into getting a business account when I expanded to about 7 instructors, keep it personal until you really have to! The amount of money they charge on a business account is evil. :evil:

They even charge you for putting money into your account. sad

I'd also advise to remain as a sole trader the paperwork associated with running a company isn't for the faint hearted.

Concentrate all you efforts on marketing and delivering a great service and you won't go wrong.

Good luck.

Regards,

Spot on red, spot on. 

Oz

#6 28-12-05 10:28:49

tom67
Verified Member
From: Peterborough
Registered: 20-10-05
Posts: 81

Re: Going It Alone !!

Good luck with it all! I went solo in August and set up a business account with B/lays it is ok but am planning on moving it when I have to start paying charges, you can find 'free' banking anywhere and you can move your account as you see fit..it is up to you whether you keep it all together or separate, once again good luck Mister big_smile

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#7 28-12-05 12:19:15

luchell
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Re: Going It Alone !!

I went solo a month ago and all my monies get paid into my personal account. I just keep a log of who i take out how man y hours and the money paid so my book keeper can make sense of whats going in.

Good luck with it, even for the time of year its the best thing i've ever done! lol

#8 28-12-05 12:21:49

Mmm
Member
From: W Sussex
Registered: 08-04-05
Posts: 262

Re: Going It Alone !!

AFAIK you only need to get companies house involved if your business will be a limited company rather than a sole trader or partnership. I reckon you would want to be a sole trader.Good luck with it

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#9 28-12-05 13:38:55

Duckfoot
Verified Member
From: Cumbria
Registered: 22-12-05
Posts: 12

Re: Going It Alone !!

PiperIan

Just a thought, but you could try the Revenue and Customs website for more information about starting up in business - if you are going to be self employed you have to register as such within 3 months of starting trading.

There is other useful information on their website http://www.hmrc.gov.uk/businesses/tmast … ness.shtml
and the staff on the helpline are very helpful (believe it or not!)

Duckfoot

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#10 28-12-05 13:42:50

andywoodbridge
Member
From: stoke on trent
Registered: 16-09-04
Posts: 88
Website

Re: Going It Alone !!

I have registered with companies house i was advised (badly i may add) that the company name would be protected if i registered as a limited company but left it 'dormant' . i have since found out that all it actually means is another limited company can't have pass4sure limited. it doesn't mean another person can't use the name. what it means to me is another set of accounts and files to be sent to companies house every year. its all extra hassle you dont need really and it costs a bomb as theres very few 'one man band' accountants that will do limited company accounts. i'm scrapping the limited company this year and trading as a sole trader.


"of course you can't become if you only say what you would have done"

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#11 28-12-05 18:13:17

oddies
Verified Member
From: YORK
Registered: 17-06-05
Posts: 144

Re: Going It Alone !!

I am with Barclays, I have a Personal A/C and a Business A/C.

My wife is an Accountant and from her advice I pay my business monies into the private A/C and transfer what is needed to my business A/C via our accounts which we access online.

Since the transfer of money to my business A/C is done online I do not incur any charges for putting money into my Business a/c

Any cheques are paid into our Private A/C which does incur charges!!!!!!!!!!!!!

The average bank charges I pay is approx. £8.00 per Quarter

I can't complain

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#12 28-12-05 18:33:56

PiperIan
Verified Member
From: Renfrewshire
Registered: 18-06-05
Posts: 768
Website

Re: Going It Alone !!

Once again I am amazed at this site and just how helpful everyone is.  I would like to thank everyone who contributed to my question.  I have taken everything on board.
I will of course register with the Inland Revenue as required but I will steer clear of Companies House etc.
I opened up a business account with the Bank of Scotland after reading a book on starting a small business.  This book recommended I do this because it keeps everything seperate from my personal accounts and it makes things much easier when it comes to the tax return when I can clearly show all the income and outgoings in one account.
The Bank of Scotland are providing a business account free of all charges for the first year as an opening offer.  I have already opened it but I will review it again at the end of next year.
Once again...Thanks to all for your excellent advice and experience

Ian big_smile


I'll never forget Wotzizname !!!

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#13 28-12-05 21:42:19

ITCHY BOOTS
Member
From: SCOTLAND
Registered: 15-12-05
Posts: 26

Re: Going It Alone !!

I have Private and Business Accounts.  Needed the business to be able to be paid by BACS.  Also helped if pupils made cheques out to Driving School Name (no mater how many times I told them)  Business Account will also accept cheques made out to me or the schools because the name of the account is me, Joe Bloggs trading as Best School Ever.! wink


ITCHY
DSA ADI

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#14 29-12-05 18:53:45

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Going It Alone !!

The bank of scotland do a business account where you can pay in cheques in your business name. Withdraw cash from cash machines, do transfers and pay standing order and direct debits. All for free. You have to do internet and postal banking and can't pay in cash. But if you want to take cheques  in your business name and keep your car payments etc in a seperate account it works well.

We pay in cash at the post office near our house into alliance and leicester personal accounts and do internet transfers to the bank of scotland of needed, again free.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#15 24-01-06 18:00:54

captain_compass
Verified Member
From: Shropshire
Registered: 20-01-05
Posts: 103
Website

Re: Going It Alone !!

Coming in a bit late here, but when my 2 yrs free banking ran out with HSBC I moved to Abbey's free business banking for life account.  Does what it says on the tin - pay in via cash machine & pay bills etc via web.  Can't fault the service.

The other benefit to having separate business & personal accounts is that Mrs Compass doesn't always see the little bit I put aside each month...

Picked up my new motorbike last Friday..!   big_smile

CC

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#16 26-01-06 15:59:26

JDS
Verified Member
From: Hornchurch
Registered: 30-07-05
Posts: 124

Re: Going It Alone !!

is that Mrs Compass doesn't always see the little bit I put aside each month...


lol  nice ;-)


With great power comes great responsibility

2nd time around - there wont be a third

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