Readers questions: What happens to the bank account when a private limited company owner dies?[continue reading…]
business bank account
Once you’ve started up a new venture, you’ll need to ensure that you have banking facilities in place before you can start trading. So, do you need to set up a small business bank account for your business, or can you use your own personal bank account?
When starting his first business, a friend told me how he decided to use his personal bank account for all of his business transactions. This included the income he generated from his clients, along with all business expenses.[continue reading…]
When you have formed a limited company, one of your first tasks will be to choose the best bank account for your new business.[continue reading…]
The tax season for 2019 in the UK is officially defined as the period between 6 April 2018 and 5 April 2019. Each tax season, all businesses, regardless of size, must provide their employees, contract workers, and others, with tax documentation that is required by the HMRC so that workers can file their tax returns. Unless an extension is requested, all tax paperwork must be postmarked or filed with HMRC by no later than 31 January 2020.
When opting for the self-employment route and starting up your own business, the chances are that the tax aspect won’t come naturally. You may be asking yourself some questions: how do I pay my tax without an employer taking it from my wage? Or is there any way I am able to make savings on my tax return?
Many small business owners are reluctant to move banking providers, even if they can get a better deal elsewhere. The perceived ‘hassle’ associated with a switch is the main reason. However, since 2013, the major banks have all guaranteed to complete a business bank account switch within 7 days.
When you set up a new limited company for your business, you will also need to set up a business bank account. Here we look at the practicalities of opening a new account.
Whether you are a start-up or an established business, efficient money management should be a core value. That means planning, organising, controlling and monitoring all financial resources, all of the time. The business world changes hour by hour, what was working well last week isn’t necessarily doing so this week. Effective management of company money means you are making the best use of your resources, it will make and keep your company competitive, ensure that your stakeholders get optimum rewards and lay a solid foundation for future stability.
Whether you are on an initial ‘free’ banking period, or have an established business bank account, you may be surprised at how much your bank charges to process inbound and outbound transactions.