Well it Was Bound To Happen.!!!

[Rough Hewn]

Thats very strange, I ran my business with just a private account for years, I was forced to open a business account by my bank. Banks don't usually want you have a "stack of cash" in your account, that makes them no money at all. What they want to see is a good flow of revenue in and out of the account and the opportunity to lend you money, that you can afford to pay back.
My bother is a sole trader, straight as a die, all his income is declared, he has done very well, he's had 80% of his profits off HMRC. 
 

Every 6 months I get a call from my bank asking if I’m running a business through my personal account.
They tell me I must open a business account.
Which they turn me down for because I don’t have 6 months without missing a direct debit.
For 8 years now.

[skyhuck]

And how do you see that as the banks fault? They are not the ones defaulting on debts?

 

 Don’t wish to sound harsh, but it sounds like you need to change something within your business.

 I don’t think I have defaulted on a direct debit (other than deliberately to BT and Yell) in the whole of my 25+years in business.

[difflock]

And we still got a business account, that we did not need in the first place, lying semi-dormant this 10 years or so.

[Mesterh]

Well, maybe it's time to tax the rich, I know there can be issues with that type of idea but it seems there are some demanding that they pay.

 

Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery | The super-rich | The Guardian

WWW.GOOGLE.COM

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Exclusive: Group of 83 wealthy individuals demands ‘immediate, substantial and...

 

 

[Rough Hewn]

And how do you see that as the banks fault? They are not the ones defaulting on debts?
 
 Don’t wish to sound harsh, but it sounds like you need to change something within your business.
 I don’t think I have defaulted on a direct debit (other than deliberately to BT and Yell) in the whole of my 25+years in business.

That’s a fair point.
The frustrating thing is banks only look at cash.
No one has asked about assets.
Money in the bank is useless generally for me.
I’d much rather buy another thing off my endless list of machinery or more big logs.
But yeah I should probably take banking more seriously. 🤷🏽‍♂️

[doobin]

1 hour ago, skyhuck said:

Thats very strange, I ran my business with just a private account for years, I was forced to open a business account by my bank. Banks don't usually want you have a "stack of cash" in your account, that makes them no money at all. What they want to see is a good flow of revenue in and out of the account and the opportunity to lend you money, that you can afford to pay back.

 

 

Seems to be the case. I opened a business account shortly before Covid simply because personal overdraft rates were about to rocket. Stupid, dumb luck on the timing. I didn't put a penny through it. When I called about changing the overdraft over, they said they couldn't, depsite me being a sole trader, as they couldn't take into account personal banking (used for business) history. They could, however, give me 50k in a BBL straight away without any checks.

 

So I took the 50k. It was the first transaction into business account!!

 

The support has definately not been particularly targeted, but without the time to means test everything what else could they do?

 

I do feel lucky. If I was in running the same size business but in hospitality, I'd probably be suicidal by now.

[doobin]

3 minutes ago, Rough Hewn said:

That’s a fair point.
The frustrating thing is banks only look at cash.
No one has asked about assets.
Money in the bank is useless generally for me.
I’d much rather buy another thing off my endless list of machinery or more big logs.
But yeah I should probably take banking more seriously. 🤷🏽‍♂️

I have always very little in the bank but lots of machinery, tools and assets. What are you trying to buy?

 

You'll often find finance much, much easier to get against a brand new asset of known value than secondhand.

[Rough Hewn]

I have always very little in the bank but lots of machinery, tools and assets. What are you trying to buy?
 
You'll often find finance much, much easier to get against a brand new asset of known value than secondhand.

Which list do I start with....🤣
A yard... 100k++++
Vehicle with crane to move 5 ton+ logs whole from precarious off road situation.
Bandsaw that can cut 2.4m
Telehandler
Massive warehouse
Racking system
Tractor
Forklift
Its a bit longer... but you get the idea.
🤣[emoji106][emoji106][emoji106]

[trigger_andy]

12 minutes ago, Mesterh said:

Well, maybe it's time to tax the rich, I know there can be issues with that type of idea but it seems there are some demanding that they pay.

 

Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery | The super-rich | The Guardian

WWW.GOOGLE.COM

---

Exclusive: Group of 83 wealthy individuals demands ‘immediate, substantial and...

 

 

The rich are already taxed to the hilt! The account for the vast majority of the tax raised in the UK .

[trigger_andy]

Laugh all you like Sky but the facts speak for themselves, even your beloved left wing hate rag says as much. 

 

Top 1% of earners in UK account for more than a third of income tax | Institute for Fiscal Studies | The Guardian

WWW.THEGUARDIAN.COM

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Tax revenues ever more reliant on small group of high earners, says Institute for Fiscal Studies