Business banking?

[aimeelouise93]

This is my first week renting a chair, and im wondering if any of you who are chair rental or even mobile have a seperate business account? My plan is to pay myself a wage/allowance each week then just have anything extra go into the business bank and let it build up so that if i eve have a quiet week i still have enough for my outgoings?

What does everyone think of doing it this way? Or do you all just use your own personal account?

Many thanks[emoji5]️

 

[Sequins4]

I have a business account, they opened me a current business account and a reserve business account, makes it a lot easier when doing your books as everything business related is going in and out of one account, I pay so much into my reserve account each week for my tax. Natwest do 2 years free business banking.
I think the wage/allowance per week is a great idea, I do that so when I take holidays I still have enough to pay myself when I'm off. [emoji4]

 

[aimeelouise93]

Oh fab! Can you apply online? I must look into this!! Sounds like a good idea! I wasnt sure how worth it,it would be for one person!

But setting tax aside would be far easier each week!

 

[Lauren121]

The only thing with business banking is they charge you so if you can find a deal like @Sequins4 said do it that way the only other way is open another normal current account

 

[Grace_Hair]

I was self employed for 3 years and had a personal account but paid all business monies into it and paid myself from it.
You don't really NEED a business account unless you have a card machine.

 

[aimeelouise93]

I have a card machine which is linked to my own personal account at the moment. Do you have an accountant and do you just hand over statements and receipts at the end of the year?

 

[Grace_Hair]

When I got my card machine I had to prove I was trading as my salon. Not just myself. I had to prove that with a blank cheque.

I have an accountant cousin. So she helps with my tax returns. But I do my own book keeping

 

[Sequins4]

Oh fab! Can you apply online? I must look into this!! Sounds like a good idea! I wasnt sure how worth it,it would be for one person!

But setting tax aside would be far easier each week!

I just applied in the Natwest branch and they will set you up with a business advisor, there probably is a number to ring otherwise of you look online. I know Natwest do 2 years free business banking, I've just started paying now and it's £6 a month (after the 2 years) depending on which tariff you go on.

My sister helps me with doing my self assessment at the end of the year, if you have someone in the family that can help you it would be much easier? And cheaper!!

Who are you with for your card machine? Just out of interest....I'm looking at changing see if I can get it cheaper anywhere else
xx

 

[aimeelouise93]

Oh thank you! I think ill use Monday to go round a few banks and speak to someone to see can I get a good offer.

I use the Payleven, its only me renting a chair so it was reasonable to set up. It was £35 upfront direct from them, no monthly fee just a percentage of however much you charge, cant remember the exact figure, but i list around 40p for a £50 service.

[emoji5]️x

 

[Hive Salon Software]

Oh thank you! I think ill use Monday to go round a few banks and speak to someone to see can I get a good offer.

I use the Payleven, its only me renting a chair so it was reasonable to set up. It was £35 upfront direct from them, no monthly fee just a percentage of however much you charge, cant remember the exact figure, but i list around 40p for a £50 service.

[emoji5]️x

Hi Emoji

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Regards

Kim