Reply With QuoteHello Eddie,
Have you read up on Fenbendazole vets are precribing it?
https://youtu.be/2g-dwWVZ1M0?si=EhRGxOQasaSpBA6U
Or more specifically, RBS.
As I previously announced, I was diagnosed with advanced and incurable prostate cancer last year. I feel OK at the moment but have no idea how long I will be able to confinue working. With this in mind, I'm (trying to) change how Time Factors operates.
If I continue as a sole trader, my business account will be locked upon my death until probate is granted. This will inevitably mean that the business cannot trade for possibly months.
One solution is to create a partnership with my nephew David but RBS stated that upon my death, it will no longer be a partnership and the account will be closed until probate is granted.
What appears to be the best solution is to make Time Factors a limited company and make my nephew David a shareholder who will inherit my shares upon death. My accountant is confident he can make a case for continuance of business without probate being ionvolved.
This is where it get interesting. I applied for a limited company bank account with RBS and everything appeared to be going smoothly until...
They won't open the limited company account until I get a new VAT number for the limited company. Because the company has not yet started trading as a limited companyu, I thought that the logical procedure would be to get the bank account, register for VAT and then submit VAT returns as usual. The reason they won't open the account is
"I have just spoken to the Team and they have said the following “we are required to complete due diligence and part of this requires to have your VAT number, as we cannot identify your business via open source such as google reviews etc with your new business name”
Of course there aren't any reviews under the new name, it hasn't yet started trading!
I will need new stationery to include the new company name, registered number (it's already registered) and bank details, which I can't do until the bank account is in place.
I can apply for a VAT number for a company which isn't yet trading but this takes longer than if the company is already trading. My accountant applied for a VAT number last week and was told it could take 40 days (much shorter if already trading).
Has anyone experienced anything similar or better still, suggest a solution?
Eddie
Whole chunks of my life come under the heading "it seemed like a good idea at the time".
Hello Eddie,
Have you read up on Fenbendazole vets are precribing it?
https://youtu.be/2g-dwWVZ1M0?si=EhRGxOQasaSpBA6U
Have you considered switching your business account to somewhere like Starling?
https://www.starlingbank.com/busines...iness-account/
I read a report stating that customer satisfaction with Starling was in decline.Originally Posted by Bravo73
Eddie
Whole chunks of my life come under the heading "it seemed like a good idea at the time".
I have a Ltd Co account with HSBC, I’ve never been VAT registered as have always traded under the threshold.
I've had to be VAT registered for more than 20 years.
Eddie
Whole chunks of my life come under the heading "it seemed like a good idea at the time".
Eddie, I was a sole trader for years,
VAT registered. When I went limited,
I was able to transfer the VAT number. It was probably 10 years ago, but it was certainly possible. I continued doing vat submissions as before with no issues, same vat number but new business name. I had to open a new bank account for the Ltd Co, but had minimal disruption
Thanks, I'll check with my accountant.
Eddie
Whole chunks of my life come under the heading "it seemed like a good idea at the time".
I also, have transferred a VAT number from a sole trader to a Ltd Co. (In 2011)
Good luck with it, hope you get it sorted.
We also just transferred our vat number from a partnership to a limited company.
I would just open another account with Tide or Virgin ,both very easy and quick online application
Apparently I can use my sole trader VAT registration for the new account but my accountant wants me to keep my sole trade account open for while longer. "I'll explain it to you".
Eddie
Whole chunks of my life come under the heading "it seemed like a good idea at the time".
NatWest were pretty good with my Ltd company bank account, I’m VAT registered and can’t remember any nonsense when opening it upon starting to trade and awaiting VAT reg confirmation. Free account for the first year too, or at least it was.
Sorry dear Eddie and chaps, I'm a primitive emotion-operated Mediterranean sort-of character and upon reading this:
"As I previously announced, I was diagnosed with advanced and incurable prostate cancer last year. I feel OK at the moment but have no idea how long I will be able to confinue working"
I immediately lost all interest about what followed.
I'm awfully sorry about what is happening to you, Eddie.
Brane
Use one of the challenger banks like Monzo and Revolut to open a Business Account. A lot easier and straightforward KYC.
Sorry but while very convenient on many levels (especially on foreign currencies), Revolut is NOT a bank and as such doesn’t offer the guarantees they come with.
'Against stupidity, the gods themselves struggle in vain' - Schiller.
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