Starting a new business

[Earl Grey]

Hello, everyone. I'm just about to open a small teashop/gallery in a Cornish village. I have been able to convert and gain planning permission for my own residential premises, thus keeping overheads low. I've been advised by one enterprise source that an actual business account isn't necessary and that I could simply open a separate personal one (I'm favouring A&L, and am seeing them this p.m., as I can then bank takings in the local P.O. daily). Does anyone see a flaw in this? None of my suppliers, so far, have asked for a specific business a/c through which to deal. If I just open another personal a/c, can I call it the name of the business?!

I just want to say that this site has been an absolute godsend. I have learned HUGE amounts from its content over the months. If I can help anyone else in the tea room/coffee shop start-up world, or simply exchange info, that would be marvellous.

[Indizine]

Hi

I wish you all th best with your venture.

I am with A & L for personal and business banking. TBH keeping business separate from personal is always best and easiest. Setting up a business account with A & L as a sole trader is as simple as opening a current account anyway, but they will only add your own name to the bank details. I had a sole trader account with them and they add your name then t/a business name as the account name, and online banking is free forever and very easier to manage IMO. You can still bank via the post office for business just as you do with personal accounts. So you can pay in and withdraw on your debit card just the same.

[James Smith]

"I've been advised by one enterprise source that an actual business account isn't necessary and that I could simply open a separate personal one"

Well if you are a sole trader then the banks may tolerate you using a private account (do make sure its seperate from your normal account) but given the type of business you are opening you will need to do a fair amount of banking of cash so I imagine you will need a proper account sooner or later. Having a proper account doesn't necessarily however mean you will need to pay fees (although cash deposits always cost). Shop around, although don't be too tempted by the "12/18 months free banking" than most high street options give you - look at what they will hit you with in a years time!

Hope that helps

Regards,

[Earl Grey]

Thank you so much for your quick response. Just what I needed. I shall go ahead with a bus. a/c this p.m. Now I've just to sort out the right cash register.....!

[Indizine]

By the way I have moved these posts and created a new thread for you rather than add to the other thread.

[accountantpete]

Don't forget the VAT registration threshold is takings of just under £200 per day throughout the year. Currently it is £67,000 per annum in total sales.

[Earl Grey]

Thank you, Pete, for reminder about VAT threshold. My takings will be well under this limit for the foreseeable future, but will bear this in mind.

[SSD]

Best of luck with it all.

[Barry]

Hi Earl Grey, I wish you the very best luck with it! I hope to be doing something similar in the years to come in North Pembrokeshire.

Keep in touch and let us know how you get on.

Ta

Baz

[accountantpete]

Hope all goes well.

Can I ask a question namely Twinnings made a really nice Afternoon tea which was full bodied but the Supermarkets round here have stopped selling it.Have Twinnings stopped supplying this mixture?