bank account and ebaying

[tracer]

can anybody recommend a free business bank account or is it best to have a paid type?

i am looking into setting up a ebay business account,
and will be needing a paypal account,ebay business account

what tips can you recommend for doing this?

 

[rtbcomp]

I can't see you getting a free business account anywhere, you may get a period of grace before charges kick in.

Whatever you sign up for the T's and C's will allow the bank to alter the terms at will.

 

[cumbriasteve]

Not sure if I am missing what you are asking but for an ebay business account you don't have to have it linked to a bank business account.

When I had my ebay business it worked from my normal paypal account which was linked to my private current account and also used with my private seller ebay account.

As long as you keep records and accounts of what is passing through it does the job.

If you are wanting to keep the funds seperate from your present bank account, then any bank account you can open will do.

 

[alanrob]

The barclays buiness account is basically free if you dont use cheques or cash deposits.

 

[rtbcomp]

...........

When I had my ebay business it worked from my normal paypal account which was linked to my private current account and also used with my private seller ebay account.

As long as you keep records and accounts of what is passing through it does the job.

That's what I did. PayPal acted as my "business account" and every so often I transferred funds to my own account. I gave preference to suppliers who took PayPal.

 

[hareng]

Good advice above and not aware of any free business bank accounts.
Even the chargeable ones go in to great detail, every in and out of what you intend doing and then left at their discretion whether or not to grant. wtf
Law unto themselves, they are making money off you.

You can open a Paypal account now but wont be able to verify until its linked to bank account.
Just follow the procedures else you will be limited to think its £1700 per year.

Accountants dont like paypal thats where things get messy. I keep my paypal separate treat it as a bank account in its own right, even though its only to receive and pay.
Build in the selling price the paypal fee.

 

[tracer]

all good advice,

have seen http://www.fsb.org.uk/
if you join @£150 you can get free banking with the co-op

but i thought you needed a business bank account if your buying/selling things

think i will get another bank account, set up business paypal and ebay.
just got to see if i am accepted, then wait

 

[rtbcomp]

The only time you really need a separate bank account is with a limited company and then it's the company that has the bank account and not you.

Accountants prefer a separate account as it makes their job easier, but then again you don't have to have an accountant.

 

[cumbriasteve]

but i thought you needed a business bank account if your buying/selling things

I should imagine there may come a point where accountants become involved and they would probably like it simplified with a business account instead of the normal household account doing both.

It depends on the amount involved, I was selling on average about £2k a month of stock and kept very accurate accounts using an excel spreadsheet which cross referenced to every transaction and expenditure.

Apart from the annual HMRC self assessment that was all I did, HMRC seemed happy and I never had any hassle at all.

You will end up feeling you are working for Ebay though, or at least that's how I felt, although I had a good run for my money, with not a single bad buyer I was glad to pack it in and become 'free' again.

 

[mike os]

Paypal T&C require a business account for a business paypal account

if it "all goes wrong" they will mess you around for months or years before you see your money.

most banks will offer you 2 years free banking... then just move banks

HMRC only require that you can account for the money correctly... comapny law requires that some buisinesses ( like ltd company) must have their own account.

 

[stuvy]

Paypal T&C require a business account for a business paypal account

if it "all goes wrong" they will mess you around for months or years before you see your money.

most banks will offer you 2 years free banking... then just move banks

HMRC only require that you can account for the money correctly... comapny law requires that some buisinesses ( like ltd company) must have their own account.

natwest currently do that, just keep one paypal account for monies in one for monies out then you can easily send money to your own account whether its business or personal.

Personally id go for the business account every day as i payed for a part on ebay and ended up with £600 being taken out of my account and it took a month to get the money back which was a sod as i went overdrawn and missed a direct debit

 

[zx9]

The barclays business account is basically free if you dont use cheques or cash deposits.

[Rant]
Barclays & Free or pay in cheques or transfer money to another account and then there is the monthly charge of six or seven quid despite all the interest they are earning (but not paying) on your balance.

I only used them because they have a local branch and liked to hand over cheques to a bank clark rather than posting them. Now a local branch is not a consideration as I can not remember when I was last paid with a cheque.

[/Rant]