675.cc • Triumph 675 Forum

Which comes first - Trading or Bank Account?

Discussion in 'Rants & Raves' started by Anonymous, Jan 10, 2010.

  1. Anonymous

    Anonymous

    Thread Starter

    Guest

    Well as you will know by now I've set up a new company supplying parts for our beloved 675's. So I'm searcing high and low and opening various accounts with suppliers to keep us all happy.
    Been trying to open and account with B&C and they wont accept that my limited company has been that has been trading for ten years this year is legitimate to sell bike parts. I've told them Triumph Race Support (TRS) is a trading name of my company Platinum Publications Limited (PPL) but they wont have it they need:

    Bank statement or cheque
    VAT registration certificate
    Company incorporation certificate
    Company insurance certificate
    Inland Revenue form
    MOT station certificate
    Business rates or utility bill

    or official paperwork showing that Triumph Race Support is a trading name of Platinum Publications Ltd

    So I decided my easiest option was to set up a new bank account in the name TRS. Not that easy, before I can set up a bank account I have to prove I'm trading. Well I have been trading but as platinum not TRS. So the only way I can set up a bank account is to get a letter from my accountant saying I'm trading. Ok I can do that but what a load of hassle and I don't really want to be having two bank accounts.

    Does anyone know how I can show on official paperwork that TRS is trading as PPL? a letter from my accountant isn't good enough!!!!!!!!!!!
     
  2. Anonymous

    Anonymous

    Thread Starter

    Guest

    OOps sorry posted in wrong area
    Craig please move this to the rants area.
     
  3. Si, it's a minefield with the banks :x
    Let me ask one of my Accountant buddies what the best thing to do is.

    I'll get back to you :D

    One question - have you got a company registration number for TRS?
     
  4. Anonymous

    Anonymous

    Thread Starter

    Guest

    No TRS is a trading name of PPL which is a limited company
     
  5. Edski675

    Edski675 Administrator Staff Member

    Would a letter from your solicitor do? :D

    Thread moved BTW :D
     
  6. I letter on official TRS headed paper should do the trick. Sounds silly, but you'd be surprised.

    Alternatively, take that same letter to your bank and open an account in the name of "TRS t/as PPL". If you're really lucky, by the time you spell it out in full, they'll decide it's too long to go on your cheques and it'll only show your trading name. All the other paperwork you list above should show your ltd company name, not your t/as name.

    If you wanted to be clever, you could start it up as a separate business and claim 2 lots of tax allowance, although you'd get in trouble if they ever found out.

    In fact, easiest solution, open your account with the supplier in the name of the limited company. What difference does it make to any of your customers, they'll never know.
     
  7. Anonymous

    Anonymous

    Thread Starter

    Guest

    it may work, I'm not sure. problem is that will cost more than setting a new limited company up I guess?
     
  8. bladebiker

    bladebiker

    897
    37
    28
    Location: Sheffield
    Not strictly my area now but it used to be sufficient to provide a letterhead with the trading name on as long as you provide the company no as well. Your cheques will need to show the company name T/A the business name. Best thing to do is ask for the contact number for a Business Manager at your Bank ( they will have one that probably covers a number of branches) as they will give you the definitive answer ( ie they will know what they are talking about) They are targeted for new business so they should be keen to help.
     

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