Business account / registering with HMRC

[Oldtimer]

I have done a search but nothing has really answered this!

I would like to open a business bank account, probably with Santander as they are free banking forever, but in the application for you need to insert the company reg number and confirm you are registered with the Inland Revenue.

Now, my business won't actually open until next year but if I register with HMRC now I will lose my child benefit.

So... how do I get a business account in the business name but without registering with HMRC yet?

Oh it's confusing :cry:

 

[naturalnails]

Hmm not sure about this one.

Why do you want to open a business bank account now if your business is not going to be up and running until next year?

I operated by self employment for 10 years with just a separate standard current account.

I only opened a business bank account earlier this year because I wanted a credit card machine.

I went with Santander but I dont have a company registration number as I am self employed rather than a Company as such.

 

[Oldtimer]

My thought was to buy everything I need to set the salon up through the business bank account for ease of use and eventually when I start trading I'd want a business account so clients can pay by cheque made out to the salon name rather than my name, I think it looks more professional.

 

[missymish]

Now, my business won't actually open until next year but if I register with HMRC now I will lose my child benefit.

So... how do I get a business account in the business name but without registering with HMRC yet?

Oh it's confusing :cry:

I opened my business acount with natwest in August and have only just registered with HMRC as I have only in the past couple of weeks started earning any money and there was no probs. Also you have 3 months from the date you start trading to register as self employed.

Also why would you loose your child benefit if you register as self employed? Everybody is entitled to child benefit and you can still get tax credits too if you are self employed?

HTH

 

[Lou_Lou]

The company registration only applies if you are a limited company.