Accounting & Banking for Contractors

Setting up a business account is quite simple. The main thing you should take into consideration is that there are a number of choices which may affect your decision as to the account you ultimately choose, such as fees.

However, we’ve partnered with Mettle to provide you with a FREE business bank account from Natwest. Click here for more information.

There are several types of transactions which will be going through your business bank account.

This may include:

• Receiving payments from end clients
• Paying out your salary
• Paying dividends to shareholders and to yourself
• Paying PAYE tax and National Insurance for all employees
• Paying your annual corporation tax bills
• Claiming for your personal expenses
• Paying for business expenses
• VAT payments on a quarterly basis

Most of the high street banks offer business bank accounts. However, there aren’t any specialist providers specifically designed for contractors. With this in mind you will need to compare those available to find one that suits you.

There are many things that you should take into consideration prior to making your decision:

• Charges and fees – many banks will offer great introductory rates which may seem too good to be true, but after these expire, fees can soon increase. You have the option to choose a FREE bank account from Mettle when you become a Gorilla client, however, which suits small businesses and startups.
• Try to reach out – who do other clients use? Asking for advice from those who have tried and tested an account can help in making a decision.
• Online banking – most banks offer customers an online service. Opting for online banking saves the hassle of writing and posting cheques, or using telephone banking. There are several advantages to online banking such as real time statements which can be beneficial for things such as quarterly VAT returns. As beneficial as online banking might be, you may need to be careful for any hidden fees when using online banking.
• Interest – it’s important to consider whether you will earn interest on in-credit balances. It’s worth knowing so that you can move your money around and make it work harder for you.

You don’t have to worry about fees, hidden charges or unexpected surprises when you opt for Mettle, the FREE business account from Natwest. Click here for more information.

Depending on which bank you choose you may need to consider any charges made by the bank. Some banks don’t charge fees for every day banking so you may not need to worry about any charges. However, many banks do charge for things like debit card use, issuing or paying cheques, transferring money and withdrawing cash.

With Mettle, you don’t need to stress about bank charges, as this business account is free for sole traders, limited company owners and locums!

Check out more details about Mettle and how they benefit you.

When opening an account with a bank, there are several things to take into account.

With money laundering regulations in this country, there are minimum requirements for proving your identity and history when you open a bank account. With this in mind, you will be subject to some checks when you apply to open your business bank account. There will be several documents that you need to prepare such as your certificate of incorporation, copies of your memorandum and articles as well as details of any shareholders you have. The bank will also require proof of identity such as your passport.

However, Mettle works differently (and faster) so, if you’re interested, you’ll need one of these to prove your identity:

• Passport

• EU ID card

• Full or provisional UK driving licence

• UK Biometric residence permit (BRP)

Head on over to their site to see what else you need to open a FREE business account.

Depending on the checks carried out prior to confirm your identity and the identities of others involved with your limited company, it can take between one and four weeks to open a new business bank account.

But, with Mettle, almost no time at all! Apply in minutes.