Sole trader account: Bank account for sole traders, self-employed and freelancers without a registered company. Sole trader account. With a business account Starling run a few quick credit checks too, but the whole process shouldn’t take more than 10 minutes. So, how do you select the best business bank account as a busy, self employed sole trader? Sole Traders From £200 for accounts and tax return, including CIS Bookkeeping from £25 per hour Collection and delivery Rates dependent on location We will ensure that all CIS refunds are submitted and chased. You can even add a ‘Euro’ account containing EUR currency (the others are for GBP currency only). I needed a business account and tried out Starling Bank after a friend recommended it to me. This is suitable for most self-employed sole traders earning less than £150,000 per year. It’s the same for managing your cashflow — by having a separate account, you can see what you’ve paid suppliers or sub-contractors, alongside how much cash the business has at the time. First bank to offer in-depth integration. Multi-currency accounts. to make cash deposits. The Starling current account can be managed on desktop and on mobile, wherever you are, 24 hours a day. Do I need a business bank account? Accounting. Enjoy no monthly fees, mobile and web online banking access, 24/7 support from real humans and simplified accounting (just connect your account with your accounting software). Starling business bank account - a new breed of challenger bank that looks to startups and sole traders with its smart, low-cost, all-mobile facility. If your turnover is less than the VAT threshold (currently £85,000), you can do a simple three-line set of accounts. Additionally, we give them the chance to use pioneering payment services which leverage our open APIs to institutional clients. In Starling’s case, you then have a choice between setting up a ‘Business’ account for registered companies or ‘Sole trader’ account for the self-employed. We also offer our customers access to several paid-for subscriptions including Euros, USD and, most recently, our business toolkit which provides book-keeping services. Business Banking . Accounting and bookkeeping for your business account. You can also add a Euro or US account, but only after creating one of the above Business accounts. It’s not a legal requirement for a sole trader to set up a business account for their banking needs (like it is for limited companies), and business accounts do often come with fees attached. We calculate an estimate using cash accounting. Only the Euro account has a monthly fee. For most sole traders, accounting is very easy. Accounts are available to limited companies and sole traders who already have a Starling Bank personal account. Although be mindful of the monthly fee if you order multiple Team Cards from the free business account. Business and sole trader accounts are subject to eligibility checks, which include looking at credit data and understanding the nature of your business. Each account comes with a: UK bank account number and sort code. Record and submit VAT. When it comes to your Sole Trader account, the official name on the account is your personal name and not your trading name. Find out about how business bank accounts work, reviews and more, right here. Many sole traders find they prefer to go with a traditional bank, while others like to try new technology and work with an exclusively mobile bank. Previously the online insurance adviser was only providing its service to mobile-only personal account holders after partnering with the open bank in 2018. The option to apply for a sole trader account in the Starling app will only be shown to customers that match our criteria, based on details provided for their Personal Current Account. I had to start up a company very quickly and needed a bank account quickly. The toolkit uses something called the cash basis accounting method, which sole traders who earn less than £150,000 per year are eligible for. Starling Bank, the leading mobile-only bank recently voted Britain’s Best Bank 2018, has today announced it is making its business account available to the UK’s 3.4 million sole traders. Business Toolkit. At Starling, account opening is free and maintaining your account is also free, with no monthly cost. With a sole trader bank account or a business account, it’s much easier to identify incomings and outgoings related to your business. However, you can start using Starling straight away through Google Pay or Apply Pay. Our award-winning business bank account helps sole traders and limited companies save time and money and get on with doing what they love. I've had it for 4 months now and I'm very happy I chose Starling. Features new. Entities engaged in, or linked in any way to, certain activities may not be able to open or have a business bank account with Starling. Learn more about the tax tool. Starling 'sole trader' business account features. Anorak is now providing ‘personalised' income protection and life insurance advice to Starling Bank's sole trader customers. Card fees. At Starling, cards are only available to each person who has access to the business account, which at the moment is limited to company directors or sole traders themselves. ATM fees. Once you start a business, the first challenge you will be faced with is choosing the right business structure for it. This means that you count income and expenses as they are paid, rather than when they are invoiced. You’ll be issued with a contactless Mastercard debit card, which should take between 3-5 days to arrive. I highly recommend Starling if you do not need a branch, i.e. Sole traders who started trading on or before 5th of April 2019 will need: Your 2018/2019 Tax return (SA100) Your 2018/2019 Tax calculation (SA302), which you can find on your government gateway account; Sole traders who started trading between 6th of April 2019 and 1st of March 2020 will need the 2019/20 SA100 & SA302. An account is deemed to be inactive if no customer initiated transactions have been made for 6 months or more, and there is a debit or credit balance of less than £250. Getting a Starling bank card, including delivery, is also free. It is one of the most advanced online banks in the UK, offering different bank accounts including a free Sole Trader account specifically for self-employed people.. You can then set it aside with just one tap. 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