lobematt Posted July 31, 2015 Share Posted July 31, 2015 One of the bands I play with are looking into getting a bank account rather than taking payments into one of our personal accounts. Ideally anything with more than one of our names on it would do just to keep everything kosher... I had a chat with a guy in TSB who seemed convinced we need a business account, although the band itself isn't registered as a business. I was just wondering what you guys have done in similar situations, a joint personal account maybe? Cheers! Quote Link to comment Share on other sites More sharing options...
synthaside Posted July 31, 2015 Share Posted July 31, 2015 You don't really need a business account for this , any old joint account is fine the mrs and I when we first moved in wanted to keep our finances separate yet open a totally different account at a new bank to handle "expenses" . we both pay a standing order in once a month which covers everything we need the bank clerk is just trying to do his best to up sell you. My suggestion would be one of these , in a joint flavor. https://www.metrobankonline.co.uk/Personal/Bank-Accounts/CurrentAccounts/ Quote Link to comment Share on other sites More sharing options...
PaulWarning Posted July 31, 2015 Share Posted July 31, 2015 cash cash cash, just because I'm paranoid doesn't mean they're not out to get me, why do you want a bank account? Quote Link to comment Share on other sites More sharing options...
lobematt Posted July 31, 2015 Author Share Posted July 31, 2015 [quote name='PaulWarning' timestamp='1438353510' post='2833853'] cash cash cash, just because I'm paranoid doesn't mean they're not out to get me, why do you want a bank account? [/quote] Haha because all our payments are bank transfer the week prior to the event so we don't need to chase drunk brides for money... Quote Link to comment Share on other sites More sharing options...
JTUK Posted July 31, 2015 Share Posted July 31, 2015 Make sure it is transparent... and get a third member to run the kitty book. Dual account is fine... but you might get a few looks Quote Link to comment Share on other sites More sharing options...
ras52 Posted July 31, 2015 Share Posted July 31, 2015 [quote name='JTUK' timestamp='1438356622' post='2833897'] Dual account is fine... but you might get a few looks [/quote] I don't think he was planning to order a celebratory cake... Quote Link to comment Share on other sites More sharing options...
Lw. Posted July 31, 2015 Share Posted July 31, 2015 Given the fact you're providing a service & charging people for it in what would look to many like a business transaction it seems fair that the guy would think you need a business account. Any reason that you don't want one? Quote Link to comment Share on other sites More sharing options...
mrtcat Posted July 31, 2015 Share Posted July 31, 2015 [quote name='Lw.' timestamp='1438357285' post='2833911'] Given the fact you're providing a service & charging people for it in what would look to many like a business transaction it seems fair that the guy would think you need a business account. Any reason that you don't want one? [/quote] +1 If you are taking money for a service you are operating as a business. All members will need to pay due tax on income from the band anyhow and its just about making it as transparent as possible. If you are divvying out from a personal account then in theory everyone needs to provide a receipt when paid so the divvy-er can account for it. The divvy-er will have to provide receipts for the hirers. A business account is actually a very good way to do this as it keeps the accounting more simple but one or more people will need to take responsibility for it. Quote Link to comment Share on other sites More sharing options...
mike257 Posted July 31, 2015 Share Posted July 31, 2015 I think some banks have small print in the T&Cs about not using personal accounts for predominantly business use, although I'm not sure if it's enforced with any vigour. Quote Link to comment Share on other sites More sharing options...
paul_5 Posted July 31, 2015 Share Posted July 31, 2015 [quote name='lobematt' timestamp='1438356021' post='2833890'] Haha because all our payments are bank transfer the week prior to the event so we don't need to chase drunk brides for money... [/quote] But that's the best bit! Quote Link to comment Share on other sites More sharing options...
lobematt Posted August 2, 2015 Author Share Posted August 2, 2015 [quote name='Lw.' timestamp='1438357285' post='2833911'] Given the fact you're providing a service & charging people for it in what would look to many like a business transaction it seems fair that the guy would think you need a business account. Any reason that you don't want one? [/quote] Mainly because you generally have to pay for business accounts! At the minute we all declare our earnings to HMRC and are registered as self employed. The band itself doesn't actually make any money, just the members of the band. I'm sure it falls into all kinds of grey areas but was just wondering if anyone had set up anything similar?? Quote Link to comment Share on other sites More sharing options...
TimR Posted August 2, 2015 Share Posted August 2, 2015 (edited) A band I used to be in has recently set up as a limited company. The whole lot. Submits accounts, bank accounts, directors. I say recently, they did it a couple of years ago. No idea why. They're finding it a right hassle now. I can understand the idea of a joint account. The best way is just to have a normal bank account. It's not like you'll be doing anything other than paying in one cheque and then paying out 4 or 5. No huge numbers involved. No messy payroll bacs or anything else. No corporation tax or VAT. Just keep accounts so that the rest of the band can see it is transparent. I can't think of anything worse than getting a cheque for a couple of grand into your personal account around about payday, all starts to get messy. Edited August 2, 2015 by TimR Quote Link to comment Share on other sites More sharing options...
mcnach Posted August 2, 2015 Share Posted August 2, 2015 [quote name='lobematt' timestamp='1438345915' post='2833745'] One of the bands I play with are looking into getting a bank account rather than taking payments into one of our personal accounts. Ideally anything with more than one of our names on it would do just to keep everything kosher... I had a chat with a guy in TSB who seemed convinced we need a business account, although the band itself isn't registered as a business. I was just wondering what you guys have done in similar situations, a joint personal account maybe? Cheers! [/quote] A simple RBoS joint bank account was all we did. Quote Link to comment Share on other sites More sharing options...
Lw. Posted August 2, 2015 Share Posted August 2, 2015 [quote name='lobematt' timestamp='1438518518' post='2835088'] Mainly because you generally have to pay for business accounts! At the minute we all declare our earnings to HMRC and are registered as self employed. The band itself doesn't actually make any money, just the members of the band. I'm sure it falls into all kinds of grey areas but was just wondering if anyone had set up anything similar?? [/quote] Yes but let's face it; if you're earning enough to require a specific band bank account (or even non-cash payments) you can afford the tiny monthly fee. I would have suggested the Ltd co route though I accept its a pain if there isn't someone in the band willing to push the admin. Quote Link to comment Share on other sites More sharing options...
lobematt Posted August 3, 2015 Author Share Posted August 3, 2015 [quote name='mcnach' timestamp='1438529958' post='2835189'] A simple RBoS joint bank account was all we did. [/quote] Thanks for the help guys! Quote Link to comment Share on other sites More sharing options...
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