If you’re starting up a new business, one of the first things you’ll need to do is open a business bank account.
If you’re trading as a limited company, you must open a separate account for the company, as it is a separate legal entity from its shareholders.
If you’re going to work as a sole trader (self employed), you aren’t obliged to open a separate account for your business, but it will make your life much easier if you do to keep your finances separate.
You can find out more about banking in general if these Bytestart guides:
The Tide business bank account – £50 cashback
We have set up a partnership with Tide, which is trusted by over 400,000 UK businesses, to provide completely free bank accounts for Bytestart visitors.
You can set up an account in minutes, and as a special welcoming bonus, Bytestart visitors will get £50 cashback just for opening an account. You will also benefit from a year of free transfers.
As you would expect, your money is FSCS-protected, there are no monthly or annual fees, and you can manage your account from your mobile phone (or desktop).
You can open a Tide account and run it concurrently with a traditional business bank account if you prefer.
Benefits provided by the Tide business bank account
- Rapid signup – the application process takes minutes.
- There are no monthly or annual fees.
- Free use of your Mastercard (home and abroad).
- Order up to 35 extra Mastercards for any team members.
- Free transfers to other Tide accounts.
- Free company formation if needed (whilst opening your bank account!)
- Central London virtual office address (a monthly fee applies for this service)
- Easy expense management via the Tide app. Makes VAT returns simple.
- Tide integrates seemlessly with FreeAgent, Xero, Sage, Quickbooks and Kashflow – you can synchronise your online accounting software with your bank transactions easily.
- 24 hours a day support via the Tide app.
- Manage your account from any device – laptop, tablet or desktop.
Open a Tide business account now!
IT Contracting clients are eligible for an exclusive offer from Tide – £50 cashback and one year of free UK transfers!*
Open an account using the code BYTESTART to claim this offer.
* See T&C’s on Tide’s Bytestart partner page here.