HMRC’s Making Tax Digital (MTD) initiative commences from April 2024, and we’re helping our clients prepare for its arrival by setting out the best practices for the transition. Getting ahead of the curve now will have long-term benefits; setting yourself up on the correct systems saves your business time and money down the line. We’ve partnered with the award-winning Starling Bank to help small business owners benefit from a free and easy to set up a business bank account to be best prepared for MTD.
It’s important to separate personal and business transactions.
As a sole trader or small business owner, it’s easy for your business costs to get lumped in with your personal transactions. While MTD doesn’t require you to have a separate business account, mixed transactions are hard to make sense of and create extra (avoidable) work for you to sort out.
Setting up a free business bank account with Starling is the easiest way to separate these transactions. Starling is designed with business owners in mind, with no monthly fees, super-fast setup and handy integration with accountancy tools.
Key features of Starling:
- A free business bank account. No fussy forms, no waiting around. Get down to business now with a simple in-app application and no monthly fees or UK payment charges.
- 24/7 customer care. Need a hand? Get in touch 24/7 in the app or by phone. If you’re working, so is Starling.
- Cash deposits and cheques. Deposit cash at the Post Office for a 0.7% fee (£3 minimum fee). Deposit cheques digitally in-app with just a photo, for free.
- Connect to your accounting software. Link your account with QuickBooks, Xero or FreeAgent and never manually upload a statement again.
- Instant payment notification. Client payment? Networking lunch? Get real-time alerts on your phone as soon as money enters or leaves your account.
- Automate your expenses. We’ll automatically sort your expenses into business categories to simplify your reporting.
- Multi-director accounts. More than one director at your business? You can open your account jointly with anyone else who runs your business.
- Easy switching. Ready to move everything over? We’ll do it all for you through the guaranteed Current Account Switch Service
- FSCS protected. A fully regulated UK bank account, where your money’s covered up to £85,000 by the Financial Services Compensation Scheme.
Switching your business account to Starling
Whether you’re setting up a new business account with Starling or want to transfer your existing one, it couldn’t be easier. All it takes is a tap, and they’ll handle the rest. With Starling’s Current Account Switch Service (CASS) you can make Starling your main business bank account in just seven working days.
Here’s how it works:
- Follow the unique application link below
- Download the Starling app (From Google Play Store or Apple Store iOS)
- Complete the application in around 10 minutes, from your phone
- Starling carries out some checks and, once the account is approved, you’ll be notified
- Upon approval your account number will be available right away
- A bank card is ordered in-app and dispatched. It should arrive within 5-7 working days
Get set up today
Ready to simplify your business account and prepare for MTD? Follow our unique partnership link to set up your Starling bank account: