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Been a sole-trader for years but looking to save on tax after a good year so setting up as a ltd. company.
Looking to set up a simple business account. Invoices paid in weekly (not necessarily all year), a card for business expenses, and then smaller withdrawals every now and then. A direct link to a savings account to put tax and VAT in before it's then taken out quarterly or year-end.
Ideally would need a business credit card but can that just be a normal personal card or does it have to be in the business name?
Happy to run the account as an app/ mobile form.Â
I use Tide. All online but they were helpful setting up the Ltd company.Plays nicely with Quick Books and hopefully FreeAgent when i make the switch next month.
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I use Starling Bank, very happy with their service.
Monzo and Tide come highly recommended also.
High street Bank probably Nat West
Thanks for the replies. Was looking at Tide, but wasn't sure if they charged for using their card for transactions - presumably not?
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What do people use as an alternative to their debit card when a Ltd. company?
I've never had any charges when using the debit card with Starling.
I don't know if Starling offer credit cards, but you could always use your own credit card and claim it back via expenses.
Plays nicely with Quick Books and hopefully FreeAgent when i make the switch next month.
Why are you changing from QuickBooks?
(I'm a QB user but I see I can get FA for free as I bank with Nat West and it seems to do everything I currently get plus a little more)
Santander business worked well for MrsRNP but we were paying in a bit cash.
Starling is so easy... no BS. easy to apply. easy to use.
I've used them for personal, sole trader, and two Ltd companies.
Creditcard. I use a personal Halifax account for cashflow. They do cash advances at something like 3.5% for something like 12-15 months. It goes into quickbooks as a director loan, and the cash advance fee as expenses. Bum Butter has slower sales in the winter, so i have more time, so I then get adventurous urges... and Bum Butter needs a little help to keep up with me. Life is too short to not slide down mountains.
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My new accountant recommended FA and provides "free" within my monthly accountancy package. The accountant was recommended to me.Â