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<blockquote data-quote="kme" data-source="post: 20099" data-attributes="member: 113"><p>Thought I`d better jump in here, as I wrote the info.....</p><p></p><p>We`ve recommended a seperate a/c for a number of reasons:</p><p></p><p>1. We`ve found, with friends who`ve gone s/e, who`ve just used the one account - when they`re paid for a job, they go shopping &amp; pay bills. If they haven`t been paid / cheque hasn`t cleared - they don`t! NONE of them is still trading. They were good at their jobs, and ALWAYS busy; but cashflow was the thing that sunk them!</p><p></p><p>2. Yes, some banks will charge for a business a/c. Shop around, and you`ll find some who do not charge at all, as long as you are not overdrawn. Bank charges are tax deductible. (running cost - not bounced cheques etc...!)</p><p></p><p>3. It is simply easier to see how your business is doing, financially, if the payments go to a different place than your household stuff. Imagine going through your bank statement every month, with maybe 150 transactions on it. You would have to highlight EVERY payment which was credited/debited for your business, and then add those figures up seperately. If you can afford the time to be doing that, you`re daft!</p><p></p><p>4. As I believe I said on the business page, Once you`ve got your wage(s) worked out, and all your fuel / tax / NI etc are set up on the a/c; you can see AT A GLANCE, exactly how much money you need to bring in per week.</p><p></p><p>Does that help?</p><p></p><p>KME</p></blockquote><p></p>
[QUOTE="kme, post: 20099, member: 113"] Thought I`d better jump in here, as I wrote the info..... We`ve recommended a seperate a/c for a number of reasons: 1. We`ve found, with friends who`ve gone s/e, who`ve just used the one account - when they`re paid for a job, they go shopping & pay bills. If they haven`t been paid / cheque hasn`t cleared - they don`t! NONE of them is still trading. They were good at their jobs, and ALWAYS busy; but cashflow was the thing that sunk them! 2. Yes, some banks will charge for a business a/c. Shop around, and you`ll find some who do not charge at all, as long as you are not overdrawn. Bank charges are tax deductible. (running cost - not bounced cheques etc...!) 3. It is simply easier to see how your business is doing, financially, if the payments go to a different place than your household stuff. Imagine going through your bank statement every month, with maybe 150 transactions on it. You would have to highlight EVERY payment which was credited/debited for your business, and then add those figures up seperately. If you can afford the time to be doing that, you`re daft! 4. As I believe I said on the business page, Once you`ve got your wage(s) worked out, and all your fuel / tax / NI etc are set up on the a/c; you can see AT A GLANCE, exactly how much money you need to bring in per week. Does that help? KME [/QUOTE]
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