Question about business bank account

[thebigcomputerguy]

Hi Guys,
This is my first post i have a problem. I have started a contract (ltd) and applied for a netwest account online. My credit history isnt great so thats why i havent gone instore.
However, natwest are now on their 4th week of the application. i have the agency that handle the payments waiting to send my payment out but can only do it to a business bank account so the payment is on hold.
How would they tell if i put down my personal savings account as they state they do not process payment to personal accounts. the only reason is im desparate now i havent had any pay since august and have 2.5k sitting waiting to be released. they take 10 days to process payment so potentially i wont get paid until end of november and im nearly out of money.

[Dan@OrangeGenie]

Hi Guys,
This is my first post i have a problem. I have started a contract (ltd) and applied for a netwest account online. My credit history isnt great so thats why i havent gone instore.
However, natwest are now on their 4th week of the application. i have the agency that handle the payments waiting to send my payment out but can only do it to a business bank account so the payment is on hold.
How would they tell if i put down my personal savings account as they state they do not process payment to personal accounts. the only reason is im desparate now i havent had any pay since august and have 2.5k sitting waiting to be released. they take 10 days to process payment so potentially i wont get paid until end of november and im nearly out of money.

CashPlus can turn your bank account around within 48 hours regardless of credit history. Maybe give them a call?

[JRCT]

My business bank account wasn't in place for my first pay and that did go into my personal account. This was at the advice of my accountant who also sorted out some form of caveat to explain why that happened as a one off.

Speak to your accountant.

[thebigcomputerguy]

i went to cash plus who originally caused my problem, i signed up with companies made simple with a registered office in london. cashplus accepted me but then rejected me because of the fact the office is registered and they see it as a mail forwarding address. so they want me to move my registered address before i can complete the application
wish i got it sorted before starting.
My question was though, if i gave the agency my personal savings account and tell them its my business account, is there a way they would know? just whilst i get things sorted.

[northernladuk]

i went to cash plus who originally caused my problem, i signed up with companies made simple with a registered office in london. cashplus accepted me but then rejected me because of the fact the office is registered and they see it as a mail forwarding address. so they want me to move my registered address before i can complete the application
wish i got it sorted before starting.
My question was though, if i gave the agency my personal savings account and tell them its my business account, is there a way they would know? just whilst i get things sorted.

I don't think the agent cares. It's HMRC you want to be worried about. Putting in a personal account is going to cause various tax issues.

Here are a load of threads discussing business money in personal accounts..

https://www.google.co.uk/search?q=pe...m=122&ie=UTF-8

[TheFaQQer]

My question was though, if i gave the agency my personal savings account and tell them its my business account, is there a way they would know? just whilst i get things sorted.

If they ask for the name of the account, are you going to tell them the truth or pretend that it's the company account? They should ask for the sort code and account number (or IBAN / SWIFT code) and the name on the account, but the name on the account isn't actually checked during the process.

There have been questions recently about using a personal bank account for business money, and that was for a dedicated account, not sharing the account between business and personal use. The general consensus (IIRC) was that it really shouldn't be done for a number of reasons.

So - would they know? Unlikely, as long as you perpetuate the lie. Would this make your financial circumstances more complicated if not accounted for correctly? Absolutely.

[TheFaQQer]

I don't think the agent cares.

The agent would need to show that they paid (or believed to the best of their ability that they had paid) the company. If their accounts were inspected and it was shown that they paid the wrong person, it opens up a lot of bother for them.

Which is why they insist that the account is in the name of the company that they are contractually obliged to pay.

[JRCT]

I have started a contract (ltd) and applied for a netwest account online. My credit history isnt great so thats why i havent gone instore.

If my credit history was poor, or there was another reason why this process might be more complicated than it should be (and it shouldn't be, by the way), I would be more likely to go in to a branch so there was an expert there to guide me through it. I don't understand why you would decide the complete opposite.

[thebigcomputerguy]

ok thanks, its just got to the brink now and getting desperate. My parents lent me 1000 but that has now been eaten up so just at wits end and need 50 a week just to get to work and back in fuel

[TheFaQQer]

Get a credit card with a decent limit on it, and whack it on there until you get paid.

If things are this perilous, then maybe contracting isn't the right path to choose.