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UK IMers and Business Accounts

Discussion in 'Business & Tax Advice' started by thedude1984, Dec 19, 2014.

  1. thedude1984

    thedude1984 Registered Member

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    I'm trying to get a business account but I am getting asked a lot of annoying questions by my bank. The want me to explain the basics of affiliate marketing as a business model, the basics of media buying, SEO, etc. I wouldn't mind specific questions, but they seem to have no clue of the business model in general.

    They asked me for the 2nd time why I want an account if I haven't began trading. I already explained to them orginally in 3 paragraphs that it's against their own terms of service for me to use a personal account for business, so I can't begin without a business account. I don't know how to make it clearer.

    They also don't seem to like the idea that I might use multiple companies to earn commission from and they want to know specific companies, but I haven't joined any yet because I don't want to begin trading without a business account. Nor will I stay with those companies if they don't convert, or begin to scam me.

    Sigh.

    So I'm thinking of just using paxum and their pre-paid for the adult niche and printing out my paxum transaction history for tax purposes.

    But I'm lost what to do when it comes to purchasing domains, hosting, autoresponding, etc for adult and mainstream with records of my transactions. I don't want to use my personal account because I don't want HMRC looking through my personal accounts when it comes to tax returns.

    All the pre-paid card providers in the UK have bad reviews online (the most popular cashplus has appalling reviews), otherwise I could just use a pre-paid card as my 'bank account' for purchases.

    What are UK affiliates doing in regards to banking?
     
  2. rob1977

    rob1977 Power Member

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    I don't understand why you are having trouble,

    Are you trying to get overdraft facilities etc

    Set yourself up as a sole trader, in marketing. I think too many people make life difficult for themselves by giving wooley answers when asked, "what do you do?" As a marketer you will have numerous clients, also dry spells, busy spells.

    Don't get too wound up, you are a sole trader working in the marketing field, start going beyond that or sound less than confident in that ascertation people immediately assume you are up to no good.
     
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  3. hmeister

    hmeister BANNED BANNED

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    This is easy. Go to CardOne banking, tell them you generate leads on the internet. That's what I did with another business that I set up which generates leads in the Financial Claims sector here in the UK.
    Cashplus actually granted me an account then rescinded it, CardOne won't do that. I have been using that account for 12 months in January and I have never been asked a single question.

    Btw...HMRC can look into your personal or business accounts anytime they like and they don't even have to tell you.
     
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  4. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    Here is my advice, change banks. I was once up against a retard in a bank trying to explain similar things.
     
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  5. thedude1984

    thedude1984 Registered Member

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    Nor do I.

    No just a standard business account.



    I was pretty straight forward. My answer in a nutshell was; "I will create websites and put advertisements for products and services on them, and if people click through on the ads and purchase the product or service I will earn a commission."

    They literally replied with; "What do you mean by 'click through' on the ads?" I guess I could have just said 'if people click on the ads' but c'mon! They can't put 2 and 2 together?

    It seems I literally have to spell out stage by stage the process in baby talk.

    You might be right.
     
  6. thedude1984

    thedude1984 Registered Member

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    Yeah I might just do that.

    I liked the bank because of it's explicit ethical/green policy.
     
  7. thedude1984

    thedude1984 Registered Member

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    I've seen some bad reviews on a particular site about that bank about taking people's money and running, but to be honest on that same site not a single UK bank has gotten good reviews.

    Thanks for the heads up.
     
  8. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    I know several people who work in banks simply because they "know someone", in real life they are uneducated morons. I had to switch banks because some woman was insistent that I could not verify my PayPal and Neteller account via my bank account (you know the way everyone verifies their bank). I told her that I had verified several accounts with my bank account, and her only response was "you can't have, it is not possible". As for explaining my business they was practically looking at me like I was a complete and utter simpleton, when in fact it was the woman who was a clueless moron. It is far better to find a good bank with real business advisers, and not some clueless monkey tapping keys on a computer.
     
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    Last edited: Dec 20, 2014
  9. hmeister

    hmeister BANNED BANNED

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    That's impossible now. They might go bust (like any other bank can) but they can't run off with your cash!
    They are not a foreign bank and they still have to report to the FCA every month. Every bank has a responsibility to ensure money laundering isn't taking place so if they are unsure what you do and how you come across money,they will ask because if the shit hits the fan,they could lose their banking licence as ignorance isn't a defence.

    Honestly,they have been great and yesterday I received a couple of grand in my account and transferred it straight out within 10 minutes.
     
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  10. hopon

    hopon Newbie

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    Why not just open another personal account and use that? A sole trader has to be registered with hmrc for taxes but there's no legal requirement to have a business account. It would also mean you avoid the monthly bank charges for having a business account. If the bank ever raise it as an issue in the future you could then ask them to open a business account and they can see the history.
     
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