Free UK Business Bank Account For Free Virtual Office Clients
Barclays Bank, one of the oldest and biggest banks in the UK, is offering free business bank accounts to clients of Free Virtual Office who qualify.
[Simply fill out the form] and within 48 working hours a staff member of Barclays will contact you to arrange a visit to your local branch to sign you up.
This offer is only available to UK limited companies, who have at least one director resident here. Any other category of client can still contact Barclays directly.
You get free business banking for 12 months and you can manage your account online, by phone, in-branch or via their banking app.
Customers who already have a bank account with Barclays can get the new business account set up over the telephone.
We regret that we cannot influence the bank; they are independent of us.
You will need to bring documents that support your application: proof of ID, proof of address and company documents.
Proof of identity can be a:
– Driving licence;
– Residence permit;
– National identity card.
Proof of address can be:
– Utility bill;
– Local council/government letter;
– UK Government letter;
– Any letter on headed notepaper from a substantial organisation, like a national business.
Make sure you read and understand the small print before signing; a bank account is not a throwaway item and the bank will have criteria that you have to adhere to if you want to retain the account.
If the bank turns down your application, ask them why; they will be happy to tell you.
You will need to be at least 18 years old to get a bank account in the UK. Please allow at least 10 working days for your account application to be completed.
The bank will post you items like pin number, debit card, cheque book and paying-in books to either your home address or to your registered office.
Make sure you can receive bank letters at the address you tell them to post to. If they are returned-to-sender your bank account will be frozen!
Free Virtual Office does not recommend that you use a personal bank account to run your limited company’s finances through. Your current bank account provider may take issue with unusual sums from odd entities coming in and out of your personal account.
It can also confuse your tax situation. If your business starts doing very well you start, on paper, to look like your personal income has suddenly shot up and if HMRC query what you are doing, you can have a hard time explaining where all that lovely money came from.
One less obvious, but important, reason to get a separate business bank account is so that you can manage your limited company accounting clearly and easily, without error.
Your accountant will have a fit if he has to try an select from your statements which expense are for your company and which is for you personally. It just won’t work.
If you opt for a no-frills business bank account, the maintenance fees need not be large. Most banking is done electronically nowadays, so if you opt out things like overdrafts, paper statements and in-branch service, you can get a correspondingly cheaper bank account.
Make no mistake, however: your bank is in business to make money from you and your money. It is not a charity. It makes (a little) money on the interest it can get on your deposit but other sources of income are things like fees and loans.
If you cause them too much trouble or there is suspicious activity on your account, you run the risk of them closing your account.
Some people treat bank staff the way they treat waitresses in a café. That’s not smart. The bank can suffer a fair number of fools, as it has large resources to fall back on, but it does not need to suffer them gladly, or forever.
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