I was looking at the "Free Business Banking" part as my account is costing £66 per year plus transaction fees for each of my 2 companies. These fees alone would be the same cost as annual membership to FSB so it seems a no brainer.
Would the membership be an allowable expense? As I understand it is registered to the individual and not the business so could I split the cost between both companies? Trivial I know - but it would be good to get others opinions.
Hi
Im not a member. Been to a couple of their networking meetings in the past. Never really looked into it although the free Banking bit might tempt me in a few months when mine expires with my current provider.
Personally think I would put this through my own business and argue the toss later, showing how you ONLY use it for the benefit of your business (which means you cannot then use any of the personal features), but I know Im in danger of getting slapped legs for that one!
Other option - have a look at Yorkshire Bank - think they are offering free banking for existing businesses below a certain t/o cap (£2m if I recall) - unless the offer has now expired!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Other option - have a look at Yorkshire Bank - think they are offering free banking for existing businesses below a certain t/o cap (£2m if I recall) - unless the offer has now expired!
Thanks for the suggestion. I did notice their account with 25 months free banking - is that the one you mean? The one thing putting me off them is that they have no branches in Wales and my nearest one would be 124 miles away. HSBC wanted me to go in branch with ID so if Yorkshire want the same i'd be a bit stuffed!
Hi Matt
Yes thats the one. 124 miles! Yep a bit of a deal breaker although it might be worth a call to them as there are so many building societies etc these days that offer online only accounts where you dont need to go in with your ID.
Are HSBC offering free then for an established business? Thought it was only for newbies, but not had a rummage round yet as I have until September.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Yorkshire Bank are very good, once it's set up properly. I've got an account with them, my only complaint is it took forever to set up online banking, and one of my clients had the same problem. The code they send you in the post didn't work on more than one occasion and I had to wait for a new code every time, and I ended up setting it up over the phone.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
A couple of my old muckers work for them - always handy for when things go wrong! I only ever choose Banks where I either know their systems or someone else who does, so I dont have to put up with the 'we cant do that attitude' from hopeless branch staff. Must admit - its pretty appalling service (from all of them) when you have to deal with such fools and end up constantly beating your head against the wall!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Matt Yes thats the one. 124 miles! Yep a bit of a deal breaker although it might be worth a call to them as there are so many building societies etc these days that offer online only accounts where you dont need to go in with your ID.
Are HSBC offering free then for an established business? Thought it was only for newbies, but not had a rummage round yet as I have until September.
No I'm currently with HSBC and they required ID and company incorporation documents when opening. That was 20 months ago. My business is still part time at the moment and the amount of transactions is minimal so it seemed a waste of £66 a year just for an account.
I've started a property company which, again, will only have a couple of transactions a month for rent income and the one off annual expenses so it seemed sensible to pay for FSB (£130 per annum) and have 2 free accounts rather than pay for 2 accounts (£132 per annum).
-- Edited by matt123 on Monday 13th of June 2016 11:32:42 AM
You shouldnt be paying ANY fees for the property company at HSBC if its a new business.
Each Bank and in fact each area of each Bank (be it personal banking, business banking, commercial, corporate etc) have different requirements as to KYC (MLR). Mainly due to the nature/set up of the business but also down to their interpretation of the rules, so its not worth writing off Yorkshire without a quick call. You could then have the property company at HSBC (2 years free or whatever theirs is. If its less than that go via NWB) then the other one at Yorkshire Bank. Then when the property company has exhausted their free banking period move that one. Play the game!
Unless of course the FSB cover two free business bank accounts for one membership?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Ah right - join as an individual, get your Bank charges nilled out, but strictly speaking cannot claim membership as tax deductible, or cough up two sets of membership fees. Bummer!
Let us know what Yorkshire Bank say if you get through?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Sorry for the late reply. They said that I need to take ID to my nearest branch for verification. They said I could open a personal account online though..
Sounds like you are best with the Fed then! 
