Business bank account for (husband/wife) partnership advice.

max...

Hi guys, come the end of this tax year and with a nod to winding down/semi-retirement etc I will be transitioning my Ltd Company after 15 years to a partnership with my wife.  I had planned to move to a sole trader business but there will be tax benefits in running as a partnership.  We are both directors of the Co.

Can anyone advise on bank accounts?  It appears most small business 'free' business accounts (Monzo, Co-op, Mettle, Virgin etc) are geared to sole traders or Ltd Co's only.

I will register as a partnership with HMRC but AFAIK I do not need a joint business bank account but I also cannot operate a sole trader business account to service a partnership?

pjs493

I’m unsure if you can use Mettle as a partnership, so you’d have to check. But in case it’s useful, I currently use Mettle for the Limited Company I founded with my husband. Only one person can have access to the bank account. This wasn’t an issue for us as I managed the money and accounts side of things. I trusted him with the card and PIN number if he needed to use it to make business related purchases, although I know technically you’re not supposed to give the card and PIN to anyone else, but as a husband wife team there is obviously trust in place to avoid misuse.

andrew_tovey87

I use Tide for a business partnership account, no issues so far (touch wood). You can get accountancy software as part of Tide, however this is at an additional cost. You can add one of the Partners as the main account holder, and then order separate cards for any other partners.