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Business banking - what a pain in the balls!
#11
Just beware that when you do have a business account they charge you a % for paying in cash. This can work out expensive...

Sarah x x x
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#12
I also just have 2 current accounts. Nationwide never said anything about it x
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#13
(16-10-2012, 00:47)Trinity-Belle Wrote: Seriously though... for a loan for the future, what you will need is three years worth of accounts prepared by an accountant. They may also want to see bank statements from your personal account, but not your business account. So long has you have a full set of books signed off by an accountant you should be fine. Smile x

You do not even have to have your accounts audited. All the loan/mortgage company will be interested in is your takings and profit. That is all shown on your tax account from HMRC. My hubby has been a sole trader for the past 30 years and has never had an accountant past the first 6 of those where he learnt how to do them himself. All he has ever shown is the online generated tax summary.
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#14
(17-10-2012, 19:52)christie Wrote: You do not even have to have your accounts audited. All the loan/mortgage company will be interested in is your takings and profit.

My accounts are not audited - that would be way over the top... but they are prepared by an accountant. Years and years ago I used to do my own accounts and submit my own returns and for sure it was straight forward enough. I've been employed on PAYE since then and went self employed again more recently, since which I have used an accountant.

The world is a different place now and the banks are far less happy to lend than they have ever been. When I was self employed before, I remember getting an £18K loan just on the strength of telling the bank over the phone what my previous three years profit was and what I projected for the current year. They never even asked to see the books - they just looked at my current account and lent me the money. No way would that happen now.

Having your accounts prepared by an accountant just lends a bit of credibility, that's all. I should think that if you have many years worth of self prepared records then the bank will smile and take them at face value, but for anyone who can only produce the last three years worth, I think using an accountant lends weight. Maybe it doesn't, but I'd rather pay out a couple of hundred quid a year now than get my mortgage application turned down in the future.

But essentially I think you are right, yes... no one needs to use an accountant.

Maybe I should have said "three years worth of books which might look better if they have been prepared by an accountant"?
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