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  • #1

    What is likely to happen when i let the bank know i am self employed?

    long time no see, or rather read! Life keeps getting in the way of many things for me at the moment!

    Glad to see all is well.

    What is likely to happen when <cough> i tell the bank i am now self employed? Other than them wanting to charge me for drawing breath of course!! I know a few guys who have said don't be in any rush to inform them as HMRC do not care, but then there is the issue of keeping things seperate for acccounting purposes, and one day might need to lend so need a history as self employed with them i guess?

    Currently with Lloyds.
    Thanks for reading.
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: account, bank, banking, business, care, comi, creditors, current account, fees, free, gold, hmrc, hsbc, ing, life, lloyds, money, nationwide, no fees, personal, personal current, reading, santander, tax, wages
  • #2
    Re: What is likely to happen when i let the bank know i am self employed?

    There are a few self employed people on here who'll be able to answer your query.
    Let your smile change the world but don't let the world change your smile

    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: What is likely to happen when i let the bank know i am self employed?

      Originally posted by SA Gold View Post
      long time no see, or rather read! Life keeps getting in the way of many things for me at the moment!

      Glad to see all is well.

      What is likely to happen when <cough> i tell the bank i am now self employed? Other than them wanting to charge me for drawing breath of course!! I know a few guys who have said don't be in any rush to inform them as HMRC do not care, but then there is the issue of keeping things seperate for acccounting purposes, and one day might need to lend so need a history as self employed with them i guess?

      Currently with Lloyds.
      Thanks for reading.
      Your best opening a business account...yes keep everything separate......

      -----> http://www.santander.co.uk/info/busi...id=money.co.uk

      Santander do a free one for 18 months ...good luck
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: What is likely to happen when i let the bank know i am self employed?

        I've been self employed for a long time & never held a business account. It depends on what you are using the account for, I only have weekly or fortnightly wages going in & that gets directed to my personal current account. Nationwide are one who'll let you use an account like that(I do). If it's more complicated than that you're better off with a business account.

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        • #5
          Re: What is likely to happen when i let the bank know i am self employed?

          Originally posted by swanfan View Post
          I've been self employed for a long time & never held a business account. It depends on what you are using the account for, I only have weekly or fortnightly wages going in
          Yes. ....that's what I did for a good few years ..... Works well with no fees .. But if the business grows then you need to think about a business account !!!!
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: What is likely to happen when i let the bank know i am self employed?

            thanks for the replies and sorry for the delay in replying to you all.
            I was thinking about applying for a business lloyds account (currently have a personal), but then again maybe Satander might be better as not in anyway linked to my creditors. 6 years coming up <cough>
            When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #7
              Re: What is likely to happen when i let the bank know i am self employed?

              There's no requirement to have a seperate bank account if you are self employed. This only applies to Ltd companies. If you needed to prove your employment status. A bank account in the name of your business would not be something which would be asked for. It would more likely be a tax overview from hmrc online portal and any SA302's you have.
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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              • #8
                Re: What is likely to happen when i let the bank know i am self employed?

                Remember income from self employmebt remains the property of the self employed person. Income from a Ltd company remains the property of the Ltd company. Which is why one requires a business account and the other doesnt.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                • #9
                  Re: What is likely to happen when i let the bank know i am self employed?

                  I bank with all main banks but use santander as main business - they do a self employed account so it's using our business name (i.e. simpleServe Web Design) but it's all registered and linked to me. Lloyds offered one but as I do use santander as my main account I chose them.

                  If all else fails Natwest do a foundation account - for bad credit (business accounts).
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                  • #10
                    Re: What is likely to happen when i let the bank know i am self employed?

                    HSBC do a trading as business account as well. It's all pretty standard. Only time you need one in reality is if you wish to appear professional. But as I said. There's no requirement in law.
                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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