Should I Open a Business Bank Account?

When you are first starting your business it may seem an unnecessary hindrance to worry about how to manage your business transactions if you are starting off small. After all, it’s sales that matter, right?

However, it will be much simpler in the long run if you separate your personal finances from those of your business.

When you look back over time and need to analyse income and expenditure, it is much easier knowing that you only have to anaylse the transactions in one separate bank account. It certainly makes it less of a chore.

If you don’t separate business and personal items then you give yourself an extra job in that you have to identify and analyse each item into business or personal before you can assess your
business cash flow. In short you give yourself an extra job.

Another benefit to separating business transactions comes if you decide to give the bookkeeping to someone else at a later date. That person would have a much harder time recognising which items were relevant business transactions because they are not as familiar with your transactions as you would be.

This would mean they would spend more time investigating transactions instead of carrying out the analysis. This of course would mean higher charges, not to mention a lot more questions to you regarding explanations of uncertain items.

Finally, you should be aware that the tax man takes a dim view when you mix business and personal items. After all, is it a business venture or merely a hobby that you are running?

You risk higher tax assessments if it is not clear what items are legitimate business expenses. It is silly to invite trouble when you can easily prove that you are in control of your business and have the relevant facts to hand. Separate bank accounts and records will achieve this for you.

Business bank account charges can be an issue, but currently in the UK there are a number of banks, particularly those operating online accounts, that will let you bank for free.

There are usually conditions however, namely trying to get as many of your transactions made by direct transfer (BACS, D/D etc.). It is just a matter of shopping around for the best deal.

Please don’t feel that you have to use the same bank as the one that runs your personal account. It is worth investigating if they will let you have a special deal, but don’t feel beholden to take it. Competition is rife in the banking industry and with a little persistence you should be able to secure a favourable deal.

A final word, if you do opt to open a separate bank account, then please make sure you put all business items through it. It is easy to pay for an item out of your personal account and then forget to allocate it to business expenditure.

Don’t forget that the item will more than likely be tax deductible and you want to make sure it is included in the accounts for your business.


Car – Auto Insurance

Not having auto insurance on your vehicle can be frustrating and can prevent you from being able to drive. It’s important that you make an attempt to get your vehicle insured as soon as possible to avoid complications. Of course, one assumption made by many is that everyone pays the same price for insurance, regardless of anything else. The fact is that there are several factors insurance companies consider before making a decision on how much you will pay.

* Age

Younger drivers (typically those younger than 25) will end up paying a bit more on auto insurance than anyone else simply because of level of driving experience. The older you are, the less you are likely to pay, however, every state has different policies, as do insurance companies.

* Type of Vehicle

If your vehicle is considered a sports vehicle, you can expect to pay more. However, if you are driving a car that is considered to be a “family” car equipped with a full list of safety features, you’ll pay much less and also qualify for discounts. Be sure to ask your insurance agent about any discounts you qualify for and how you can qualify for more.

* What Your Car is Used For

All vehicles are classified according to a set system. The price of your insurance will vary depending on why you must drive your car. The different vehicle classifications include Personal or Pleasure (which is where the majority of vehicles fall), Commute, Commercial, Business, and Artesian.

* Your Deductible

People are always urged to purchase policies that have a high deductible. The reason for this is because if your deductible is rather high, your monthly premium will be much lower. However, there are always other overall factors to consider.

* Driving Record

Your driving record is probably the biggest determining factor when figuring out how much you will pay for auto insurance. Do you have any previous speeding tickets or accidents? If so, expect your premium to be considerably higher. All insurance companies perform a background check on the driver’s history, so there is definitely no way to hide it.

* The Age of Your Vehicle

If your car is rather new, you’ll pay a couple more dollars per month, but probably not too much more. If you’re trying to get a relatively “cheap” policy, your best bet is to drive a car that is at least five years old, is not a sports car, and that is equipped with every safety feature imaginable.

These are just a few of the determining factors. It’s important to contact at least a couple of insurance companies before deciding who to go with so that you can be provided with an overall view on how much you should be paying. Be prepared to receive some ridiculous quotes. There are companies out there who really do want to “charge you an arm and a leg” for auto insurance. If you take all the right steps, you will find the right type of insurance best suited for you and your particular vehicle.


Business Loans That Offer You Financial Support in Realizing Your Dream Project

These loans can also be taken to satisfy several types of business-related purposes like to expand the business, to purchase advanced technology tools, to renovate the office, to fund the permanent employees, to start a new branch, to pay off the debts and for advertisement purposes. Depending on you purpose, you can take any of the following business loans:

1. Start-Up Business Loan

2. Small Business Loans

3. Commercial business Loans

4. Equipment loans

5. Real estate loans

6. Agricultural loans

Like this, the banks and money lenders in UK are offering different types of loans for business. But, mainly all the loans are classified into two types. They are the secured and the unsecured business loans.

If you want to get a secured business loan, you have to submit any of your property documents as a security to your lender. These loans are also known as the loans against property. If you are unable to repay the loan amount that you have taken, then, your lender can take your property, which you have submitted as a security for your loan.

While, on the other hand, unsecured business loans do not require any security or collateral from you. Compared to the secured loans, here, you have to pay more interest rates and the loan amount is also less than the secured loans.

With the advent of Internet, now, you can apply for business loans online. This is the best source to attain loan with-in a very short time. Obtaining online business loans is so easy because you can apply for these loans just by sitting at your home or office. They help you to find the complete details of the present day loan market and allow you to compare different types of business deals at one place. No need to go around the loan market to select the best lender, who offer you loan at a low interest rate. To apply for Online business loans, you have to submit some details to the lender. These details include proof of ownership, security property documents (if you are applying for secured business loan), full business plan, you financial statements and your credit history reports.

As the competition among the loan lenders in UK is growing day by day, to increase their business, most of the lenders and banks have started offering cheap business loans. These loans can be availed at a very low interest rate and they offer several types of flexible repayment options to the borrowers. These loans, especially for the borrowers who are in great need of money to start a new business, come really helpful. To get these loans, you are required to submit some of your assets as a security for taking loan. Compared to the unsecured loans, the loan period of these loans is long and offers more loan amount than the unsecured loans.

Anyhow, if you select the right lender, you can run your business without any hassles and can extend it with in a short time. Otherwise, you have to take more and more loans to run your business. You can take the help of some reliable Internet websites that help you to take a right decision.


Discount Auto Insurance – A Simple Way to Save Money

Almost everyone is looking for techniques to cut down on costs in today’s world. Do you know a awesome way to start cutting down on those costs? Locating low cost car insurance is a great starter point. There are many individuals throughout the U.S. and other parts of the world that are overpaying on their auto insurance. It’s amazing but you could save anywhere from $10.00 to $150.00 a month if you switched your car insurance company?

If you haven’t looked at your automobile insurance since you got married, then we highly recommend you doing so. It has been proven that individuals who are married are less likely to drive recklessly and that is what insurers look into. Who would have ever considered that getting married could reduce your car insurance rate? Even better, we all know when you’re under twenty five years of age, you will be paying higher rates on automobile insurance, so if possible and you know you are ready, get married.

If you join a car club, then there are many automobile insurers that will give you some discounts. Even if the discount you get is minimal, it is still something to look forward to. There are a lot auto clubs in your neighborhood that you will be able to join. All you have to do is search on the online for automobile clubs in your area.

Another fabulous way to get Cheap Auto Insurance would be carpooling. That’s right, auto insurers really look up to those individuals that carpool and will offer them a discount. The reason they can do this is because it reduces the amount of mileage on your vehicle. Anything that lowers the mileage on your car will lower the cost of your car insurance.

If younger drivers can get Discount Auto Insurance simply by getting married, then older drivers will also be able to discover specific cost savings on vehicle insurance too. In fact, if you are a retiree, then you will qualify for a special discount with a plethora of different auto insurance companies. If the retiree is labeled as a safe driver, then that is even better.

In the end, cheap auto insurance is only a click away as it is something that is extremely easy to get your hands on.