Reclaiming bank charges for Business accounts

Although the procedure for claiming back charges on your business bank account is almost identical to claiming on personal accounts there are one or two key differences;

• The Data Protection Act, DPA, cannot be used to obtain business bank statements; this can only be used for personal accounts and sole traders.
• In case your case goes to Court you need to ensure that you serve your claim at your local branch otherwise you could well find yourself travelling many miles to a Court need the bank’s head office.
• Common Law rather than Consumer Law cover business accounts so your letters will need to be worded slightly differently.
• You will need to notify the Inland Revenue if you are successful in claiming back business bank charges if you have previously claimed these as a tax deduction when filing your accounts, as this will be deemed as taxable income.