Our award-winning business bank account helps sole traders and limited companies save time and money and get on with doing what they love. Additionally, we give them the chance to use pioneering payment services which leverage our open APIs to institutional clients. If a customer uses your trading name to set you up as a payee, they will get a “no match” response from their bank. … Read More . 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. 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.. Starling Bank sole trader applications have been temporarily stopped and Starling aims to resume applications from 1st June 2020. There are no monthly fees on Starling business and sole trader accounts. Although be mindful of the monthly fee if you order multiple Team Cards from the free business account. Whatever you choose, always make sure the monthly fee is worth it and you’re getting access to the features you need. Each account comes with a: UK bank account number and sort code. ATM fees. As a sole trader your annual accounts are private between you and HMRC, although you may be required to show them to banks and suppliers in order to obtain loans or credit. Features new. With a business account Starling run a few quick credit checks too, but the whole process shouldn’t take more than 10 minutes. Sole trader account. Sole trader account: Bank account for sole traders, self-employed and freelancers without a registered company. 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. Starling reports over 1.4 million customer accounts, including more than 180,000 limited company and sole trader and business accounts. You can even add a ‘Euro’ account containing EUR currency (the others are for GBP currency only). Business Banking . 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. 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. Find out more by getting in touch. Do I need a business bank account? 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. We calculate an estimate using cash accounting. Accounting and bookkeeping for your business account. There are no monthly fees on Starling business and sole trader accounts. Multi-currency accounts. Previously the online insurance adviser was only providing its service to mobile-only personal account holders after partnering with the open bank in 2018. You can then set it aside with just one tap. We guarantee to transfer you your tax refund the day we receive it from HMRC. Starling is a British bank run entirely online and through a banking app. 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. 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. Starling’s personal, business, and sole trader bank accounts are free. When abroad, Starling bank does not charge you for card payments or for any ATM withdrawal, however charges may apply at foreign ATMs. 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. The toolkit uses something called the cash basis accounting method, which sole traders who earn less than £150,000 per year are eligible for. At Numo, we know the importance of good business banking. Learn more about the tax tool. Good news for sole traders: see an up-to-date estimate of the money you need to save for the self employment part of your tax return. I'm A sole trader business owner and would like to open a business account, on the starling website it says " You need to have a personal account before you can apply for a sole trader account" and when trying to make a sole trader account at the beginning of signing up it prompted me to make a personal account and change after the fact. 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). Find out about how business bank accounts work, reviews and more, right here. First bank to offer in-depth integration. 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. Starling has a 4.4% share of the UK SME banking market. I had to start up a company very quickly and needed a bank account quickly. With a sole trader bank account or a business account, it’s much easier to identify incomings and outgoings related to your business. Starling Bank Business Banking Services Current Accounts. Card fees. I've had it for 4 months now and I'm very happy I chose Starling. 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