F
FND Property
New Member
After some advice regarding business bank accounts for a limited company.
Business model is flipping property, i.e. to cash buy residential property, renovate and sell on for a profit.
In relation to a bank account, transactions will be limited to:
· Holding all original money in the account ready for purchase, transfer to seller upon sale
· Paying solicitor fee’s, searches, survey etc
· Direct Debits paying utilities on a monthly basis
· Using debit card / cash withdrawals to pay for materials / labour
· Credit the account with the proceeds of the sale
Then start over at the beginning for next property.
HSBC calculated the annual fee at approx £750 as they take a % of cash paid into the acct (proceeds of the sale) as well as smaller fee’s / charges of other transactions.
There must be a cheaper / better way?
I'm tepted to use a personal account in all of our names, however, I have read that this may cause issues when buying / selling in the account isnt in the name of the limited company.
Business model is flipping property, i.e. to cash buy residential property, renovate and sell on for a profit.
In relation to a bank account, transactions will be limited to:
· Holding all original money in the account ready for purchase, transfer to seller upon sale
· Paying solicitor fee’s, searches, survey etc
· Direct Debits paying utilities on a monthly basis
· Using debit card / cash withdrawals to pay for materials / labour
· Credit the account with the proceeds of the sale
Then start over at the beginning for next property.
HSBC calculated the annual fee at approx £750 as they take a % of cash paid into the acct (proceeds of the sale) as well as smaller fee’s / charges of other transactions.
There must be a cheaper / better way?
I'm tepted to use a personal account in all of our names, however, I have read that this may cause issues when buying / selling in the account isnt in the name of the limited company.