opening a bank account

This is a discussion on opening a bank account within the General Trading Chat forums, part of the T2W Archive category; Just recently I tried to open a small business bank account with Barclays but have been told that commodity and ...

Reply
 
LinkBack Thread Tools Search this Thread
Old May 10, 2010, 1:20pm   #1
 
Wile E Trader's Avatar
Joined Jun 2009
opening a bank account

Just recently I tried to open a small business bank account with Barclays but have been told that commodity and financial futures trading falls under Barclays Corporate and I would have to go to them.
I was wondering if anyone else has had difficulties in opening a bank account which is for your trading for tax purposes
I really donít wish to register as a limited company, for something which is a part-time hobby/ business.
Well thatís my problem. Any ideas or experiences?
__________________
Trading is not about money generation it's about capital preservation. Compound interest is a very powerful friend
Wile E Trader is offline   Reply With Quote
Old May 10, 2010, 8:05pm   #2
Joined Feb 2008
Re: opening a bank account

Quote:
Originally Posted by Wile E Trader View Post
Just recently I tried to open a small business bank account with Barclays but have been told that commodity and financial futures trading falls under Barclays Corporate and I would have to go to them.
I was wondering if anyone else has had difficulties in opening a bank account which is for your trading for tax purposes
I really donít wish to register as a limited company, for something which is a part-time hobby/ business.
Well thatís my problem. Any ideas or experiences?
In US we have DBA (Doing Business As) accounts. You dont need the LLC or Incorp. Just a business License and most banks wont give you a hard time.

In UK is their something similar??
__________________
"Trading is a percentage business. Some trades will fail but it is absolutely vital that losses are kept to a minimum." --Mr. Charts
luckyd1976 is offline   Reply With Quote
Old May 10, 2010, 8:15pm   #3
Joined May 2010
Re: opening a bank account

If you are not a seperate entity (limited company) - there shouldn't be any reason why you can't just open a personal account and ensure you treat it seperately and only use it for trading/business purposes.

I know of people who do this for their own business for putting cheques through and their accountant says its fine. They also save on account handling charges for cheques as this is typically 50p per cheque.
ak88 is offline   Reply With Quote
Old May 11, 2010, 6:34am   #4
 
donaldduke's Avatar
Joined Jan 2004
Re: opening a bank account

Quote:
Originally Posted by Wile E Trader View Post
I was wondering if anyone else has had difficulties in opening a bank account which is for your trading for tax purposes
I really don’t wish to register as a limited company, for something which is a part-time hobby/ business.
Well that’s my problem. Any ideas or experiences?
why do you need to open a business account?

if you are a directional futures speculator why not just trade personally under capital gains tax?

You get a 10k CGT tax free allowance, and no NICs to pay, and no 40%/50% tax bands when you start to make big money.

surely you would need to claim a lot of expenses (eg software rental, office space etc) to make it worth while going down the business route?
donaldduke is offline   Reply With Quote
Old May 12, 2010, 11:23am   #5
 
Wile E Trader's Avatar
Joined Jun 2009
Re: opening a bank account

Wile E Trader started this thread Thanks for the reply's everyone.

I do note what Donaldduke said about CGT
__________________
Trading is not about money generation it's about capital preservation. Compound interest is a very powerful friend
Wile E Trader is offline   Reply With Quote
Old May 12, 2010, 11:34am   #6
 
donaldduke's Avatar
Joined Jan 2004
Re: opening a bank account

Quote:
Originally Posted by Wile E Trader View Post
Thanks for the reply's everyone.

I do note what Donaldduke said about CGT
except the new government are about to change the tax rates on CGT.

Last edited by donaldduke; May 12, 2010 at 1:24pm.
donaldduke is offline   Reply With Quote
Old May 12, 2010, 11:41am   #7
Joined Nov 2007
Re: opening a bank account

to what?
rawrschach is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
opening up a demo account halfstep Commodities & Money Markets 0 Apr 1, 2010 2:42am
problem with opening IB account Treve Direct Access 7 Mar 28, 2009 4:03pm
DA L2 account opening andrewmooton Technical Analysis 4 Jul 7, 2004 5:24pm
Opening U.S Dollar Account in U.K Thestockoperator Stocks 8 Jan 26, 2004 9:36am
Help: about Opening an Account with deal4free clylbw First Steps 8 Jul 13, 2003 8:14pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)