Small business account - recommendations

bpk101

Hi,

Looking for some insights, advice, recommendations etc. for a small business bank account. 

I operate as a sole trader / freelancer and turn over about £70k a year with very little overheads (approximately £100 a month all paid via direct debits). 

My account needs are pretty simple, I just need an account for clients to pay into and from there I’ll set up DD’s for the few business expenses I do have (software licensing, website etc.) and then a fixed DD into my personal account each month where I’ll take care of personal expenses. A separate ‘pot’ for saving tax would be handy too. I don’t deal with cash or cheques, all payments in and out are electronic.

I’ve been thinking one of the mobile banks might be most suitable and also cheaper.

Any thoughts? 

Zanderman

Have you looked into Starling's business account?

bpk101

Briefly but I was unsure of the fees and charges involved. One source suggested charges of 0.7% on every deposit (?) whereas Starlings website states no fees or UK charges. Care to clarify? 

razord

I use Starling as a freelancer/sole-trader. They've been brilliant. I pay for their business toolkit too to handle invoicing etc.

bpk101

razord said:

I use Starling as a freelancer/sole-trader. They've been brilliant. I pay for their business toolkit too to handle invoicing etc.

Interesting, how much is the toolkit and how customisable are the invoice templates? I work in brand identity design so the ability to ‘brand’ business comms. is fairly important.

As an aside, do you put the account fees through as business expenses on your self assessment?  

dingling68

I use Starling for my small limited company and it has been great. You can set up separate pots as spaces to save money.

I have not incurred any fees to date, but if you did they would be allowable in your accounts for your self assessment.

fenwick458

Starling seem great been with them for 18months now, no problems and no fees. the fees you might have seen could be to do with paying cash in, something I very rarely do so never an issue

Murmansk

Starling very good; they charge for paying in cash at the Post Office.

bpk101

Thanks all, I’ve opened a sole trader account with Starling