Name of bank account ? - The Book-keepers Forum (UK)

gerry · Senior Member

Name of bank account ?

Terri · Senior Member

I have a business bank accoutn and on my cheque book, it says name name T/A A1 Bookkeeping, my card just has my name on it.

My letterheads and business cards say A1 Bookkeeping with my name and contact details.

I hope that helps

gerry · Senior Member

Yes this does help thank you. Does that mean that I can accept cheques in either my name or my business name?

Can I only name my bank account AAA bookeeping services if I have a limited company then?

Thank you for your help

Flex Accounting Services · Senior Member

If you are operating as a sole trader (self employed) then the business in effect is you. So therefore Terri is spot on by stating that the bank account needs to be your name t/a your business name.
I set up my company as limited, therefore my business bank account says Flex Accounting Services Ltd as opposed to Beverley Brown t/a Flex Accounting Services.

BackOfficeGroup · Guru

it all depends on your bank and this will be their choice when you open the account. My sole trader account is just in the name of the company and not me t/as.

you can only pay in chqs that have the correct name that matches the account name.

if sole trader, you're stationery will have your trading name upon it, you do not have to place me t/as co name, address and VAT no if applicable but if ltd then you have to show the full ltd name, address, reg no, etc etc

lor · Guru

Hi There, as a Sole Trader can you have one in your name only, if it is kept separate from your personal A/C?

I am only asking this as I have to open one myself today and I was going to open a current a/c in just my name.

many thanks lor

-- Edited by lor on Wednesday 15th of July 2009 12:14:57 PM

BackOfficeGroup · Guru

you can have as many as you like subject to the bank allowing you!! speak to your bank they can advise...

gerry · Senior Member

Thank you for this. I will check with my bank but you have been very helpful.

Gerry

lor · Guru

hello all, I have decided in the end to open a business ac with Natwest as they are currently offering 2 yrs free banking, thought I would let you know the outcome. Also I have named it L Stevens t/as 1st Stop Accounts, which I feel looks professional.

cheers lor

gerry · Senior Member

HI

Well done for finding that, I usually bank with Barclays and will try them but if there are charges then Nat West sounds a great way to go.

Thanks for sharing that with us

Gerry

gerry · Senior Member

Hi there

To continue the thread on business bank accounts. I have just contacted Barclays who offer 1 year free banking, after a year the charge is £5.50 per month plus other transaction charges. This does not seem as good as Nat West but I do not know what the charges are for NW after 2 years.

One thing that Barclays do offer is their Professional partners package, this is £25 per month and gives you free banking for life, it also gives you 2 user Sage 50 accounts professional and 2 user Quickbooks Premier both two years licence. I know that these are expensive.

Also covers the MLR so you don't have to pay HMRC £120 and many other things.

As I am just starting out I have no idea on how much your business account could cost on a monthly basis but it seems a bit excessive for little old me!!

I thought that some of you may be interested.

-- Edited by gerry on Friday 17th of July 2009 04:06:47 PM

BackOfficeGroup · Guru

Gerry

What covers the MLR? Do you mean the bank? That can't be right, surely?

I wouldnt go with any packages as they always end up costing you in the long run and they are sold on items that you may not necessarily use anyway.

I am with Barclays, and they are as good as the others but do have good facilities - I know LLoyds TSB seem to have good deals but I would never go with them - in my experience if you have to go into the branch,be prepared to wait a very long time and they never have anybody manning the desks in the reception areas....

Flex Accounting Services · Senior Member

I have a business bank account with Natwest and they have always been OK.
With regards to the MLR, I am covered as being a member if the ICB

gerry · Senior Member

Hi there

I did go with barclays in the end as they offer a lot of free banking and it seemed like a good deal. Very exciting to have my first business bank account!

I did not take the £25 per month package though although I thought the free sage and quickbooks were a good offer. As for the MLR, this package includes membership to a professional body that means you don't need to pay the £120 to register with Customs & Excise.

I'm finding the whole business set up a bit bizarre, need to register with MLR before you start trading and HMRC after you start trading and then get bank accounts, domain names and everything else in between.

Thank goodness for the forum and Bookcert, between the to of you, I am getting there!!!!

Gerry

Flex Accounting Services · Senior Member

I'm glad you got your bank account set up and yes I agree, it is quite a good feeling once you get your first business bank account set up and running!!

Ade · Member

I have my business account with the Abbey - they offer free banking as long as you stay within certain limits.

http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210615659364&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1