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  • Business bank accounts

    Hi there,
    I'm just about to make my crafting an official business and have just started looking at business bank accounts.
    I'll be set up as a sole trader and do not expect to be making much money(!). My outlets will be craft fairs & local shops (cheques & cash) & on-line (pay pal & cheques).
    My criteria so far are a bank that's fairly local, and one that won't charge me. I've just done a quick initial comparison using moneysupermarket.com and most banks seem to offer a free introductory period before they start charging? What accounts do other crafters use? What else should I look out for in a business account?
    Thanks!
    Anne.
    www.andamento.co.uk ...my website
    http://andamentoblog.blogspot.com/ ... my blog

  • #2
    Sorry I cant help but Id be interested in what people have to say as well.
    Is a bank acount/card needed for paypal?I have no idea how it works.
    https://folksy.com/shops/GrimmExhibition


    http://poisonedapplecraftuk.blogspot.co.uk/

    Poisoned Apple Theatre - Handmade Crafts on Facebook

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    • #3
      As a sole trader you can just us a personal a/c..

      You can go to any bank and just set up a new one..

      However if you wish to name the a/c as in "great cards uk" so people would pay "great cards uk" you'd need a business a/c..

      Its looks more pro than just your name but this all depends on your clients..
      .


      Promote your craft site today : Add Your CRAFTS
      (£5.50 a month or £50 per year)

      Fun new blog: Snowboard Stuff

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      • #4
        when i was looking into this the alliance and leicester looked pretty good
        Steph http://www.handmadeheaven.biz
        Contemporary, fun, funky fused glass gifts, art and jewellery

        BLOG: http://glassygoodies.blogspot.com The life, times, work and waffle of a fused glass artist...

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        • #5
          Barclays do a one year free banking period which sadly for me is about to expire!
          The charges are quite hefty after that though, e.g. paying to pay cheques in!
          But, it does look more professional and you'll get offered other services - business advice and the like.
          Mel
          Try a new way every day and work becomes play!

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          • #6
            So if you wanted to avoid all these extra charges (after a year)would it be better to use a seperate personal account rather than a business on?
            https://folksy.com/shops/GrimmExhibition


            http://poisonedapplecraftuk.blogspot.co.uk/

            Poisoned Apple Theatre - Handmade Crafts on Facebook

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            • #7
              I've got my business account with Barclays too, but had 18mths free cos I already had my personal account with them. Think their charges are pretty similar to most high street banks...Mel I save up my cheques and pay a bunch in together cos it makes it cheaper (27p per cheque plus 75p per paying-in slip ouch!). Was hit a bit when I first changed over from the free period cos i hadn't figued these things out properly but now my charges average around £10 a month.

              Haven't heard such great things about A&L but maybe someone here has their account and will correct me.

              My advice is to shop around and ask what benefits and charges they have before deciding

              Forgot to add, the fact Barclays has a branch in the next village to me so no need to drive into town was also a very big factor in my decision
              Last edited by nattynetty; 15-02-2007, 04:16 PM. Reason: forgot a bit
              Visit Natty Netty for a huge selection of Iris Folding supplies

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              • #8
                A trick to save money ( I hope this get me some REP!!) lol

                I have 1 business a/c purely for the name 0103media for my clients.. When I build sites or seo etc.. then people payinto that a/c..

                But the only thing to come out of the a/c in my salary..

                I buy stuff on CC or personal a/c as these still have to be accounted for your tax...

                This saves me £100's a month.. My business a/c cost me about £4-£6 a month dependant on US$ stuff etc...

                Hope that helps..
                .


                Promote your craft site today : Add Your CRAFTS
                (£5.50 a month or £50 per year)

                Fun new blog: Snowboard Stuff

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                • #9
                  Natty, if you save up the cheques to pay in in one go, arnt you worried about cheques not bouncing especially if youve sent the order out?
                  https://folksy.com/shops/GrimmExhibition


                  http://poisonedapplecraftuk.blogspot.co.uk/

                  Poisoned Apple Theatre - Handmade Crafts on Facebook

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                  • #10
                    I hadn't realised you could just use a personal account as a sole trader...but now I think about it, being able to use the business name on cheques does seem much more professional but is it worth the charges! Hmmm, I've been looking a little more and Abbey are coming out top - "free banking forever within specified transaction limits", the "transaction limits" don't look too restrictive either (eg 1st 100 cheques per month are free!).
                    Slightly off-topic - if selling via websites do people wait for cheques to clear before shipping or do they trust the customer. I guess at a craft fair you've no choice. Am I just being a bit ebayish about the on line selling! My website's almost ready to go so will be finding all that out soon I hope (although maybe nobody will buy anything I'll have that to worry about that instead!)
                    www.andamento.co.uk ...my website
                    http://andamentoblog.blogspot.com/ ... my blog

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                    • #11
                      Originally posted by Seahorse View Post
                      Natty, if you save up the cheques to pay in in one go, arnt you worried about cheques not bouncing especially if youve sent the order out?
                      Hmmmm yep tis a judgement call, if the order is for a relatively small amount or a repeat customer then I'll chance it, if it's a big order I'll usually pay that cheque in straight away - never had one bounce yet (touch wood)
                      Visit Natty Netty for a huge selection of Iris Folding supplies

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                      • #12
                        Small cliams court if its does..

                        It just one of those things..
                        .


                        Promote your craft site today : Add Your CRAFTS
                        (£5.50 a month or £50 per year)

                        Fun new blog: Snowboard Stuff

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                        • #13
                          I have a post office just over the road,Ive been thinking about using it for an account(if they do such a thing)but 1-theres no guarantee I can get there on a daily basis(if I get that lucky)as I can sometimes get to work and no one can cover me all day.2-there is talk of shutting a load of PO's down, itl be just my luck itl be one of the ones to close.
                          https://folksy.com/shops/GrimmExhibition


                          http://poisonedapplecraftuk.blogspot.co.uk/

                          Poisoned Apple Theatre - Handmade Crafts on Facebook

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                          • #14
                            We were with HSBC who offer free banking for a year and they were very good but after a year they start charging and it's quite expensive. We are now with Abbey and they are free (up to a point) but it has been a bit of a nightmare setting up the account although it seems to be sorted now.
                            Visit my Etsy store http://swirlyarts.etsy.com
                            My daily thoughts! http://swirlyarts.blogspot.com
                            My blog of cute stuff http://cuteable.com


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                            • #15
                              Alliance and Leicester..

                              Not got any really exciting advice here except that A&L is really easy to set up.

                              It was recommended to me and really was sooo easy. Download the application form off thier website, print off the form, fill it in, take the form and your id etc.. (it tells you what to take) to a local branch, they stamp and send the forms off.

                              A week or so later you get your business account. Brilliant. It asks for predicted turnover on the application form, just take the amount off your business plan (if you have one) or make an educated guess.

                              If you don't pay in £1000 a month, you get charged £5.00 but for me that's cheap business banking.

                              I live in the hills and the bonus is that you can pay in at your post office so when I go to post packages from my online sales I pay in cheques too.

                              So far, I can't recommend it highly enough.

                              You can use a private account, but for me, it's much more professional having it all in your sole trader company name and also it makes life so much easier to manage your accounts. You go online check your details and you can see what your business has in it's coffers!

                              Er...hope that ramble makes sense, and helps!!

                              Steve
                              Handmade woodcrafts - relaunching soon.
                              www.kipperworkshops.com[COLOR=Blue]
                              Best range of wooden craft shapes and cutouts.[SIZE=2]

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