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Post by littlesprogs on Sept 27, 2007 14:25:17 GMT
Last night i went to my ICP course and a woman told me that as a childminder we are supposed to have Business bank accounts. Does anyone know if this is true?
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Post by minniemoo on Sept 27, 2007 15:18:52 GMT
the lady i spoke to from the inland revenue said she wouldn`t bother with a buisness bank account and her husband was a self employed driving instructer on the higher tax level and he didn`t use a buisness account either anne-marie x
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Post by sarahnev707 on Sept 27, 2007 15:24:59 GMT
We are supposed to keep our stuff separate from normal household accounts for tax purposes - that might have been what was meant I won't have a second bank account cos I only have one and, frankly, it would be silly! I suppose people who run complicated accounts or bank with another self-employed person might find it useful to separate everything Sarahx
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Post by miffy on Sept 27, 2007 16:42:46 GMT
I had a business account when I first started minding because it was free for a year but after that the charges were high so I closed it and use my normal bank account
Miffy
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Post by susi513 on Sept 27, 2007 22:30:09 GMT
Abbey do a free account www.anbusiness.com. I find it much easier to keep it separate, but thats just my preference. I also have separate acccounts for childminding deposits/household/childrens/personal. Not that there's anything in any of them (except the deposit account & I can't spend that!) As long as you have a record of all your income and your expenses for tax purposes it doesn't matter which, if any, bank accounts you use.
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