A business current account that does your accounting

[Alan @ BroomeAffinity]

I found this thread long after it was alive because I have been thinking how useful something like this would be and decided to do some research online.

I'm with Clearsky Accounting, for my sins, and use the online/app only Tide business bank account. The way Clearsky operate feels so antiquated, asking me for screenshots, csv files. If only there was a way that the Tide app could do what Clearsky does, surely I wouldn't need them or have to pay them exorbitant fees. It appears that much of what Clearsky does could be automated as part of the business bank account app. I use the word 'appear' as perhaps they're doing a lot more than I realise.

I'm fairly new to contracting so am yet to go through a whole cycle of tax paying in this way. Help me out though, am I missing some great value that these accountants are doing?

An app that can minimise accountancy fees and general admin faffing around sounds like a great idea to me.

You should use FreeAgent. Tide integrates with it.

[malvolio]

So basically people want to work through a limited company but CBA to handle the minutes of work a month that it entails and want to hand it all over to someone else who will charge them less than an accountant that they can watch through their phone?

Perhaps they should go away and read the history and current state of the MSC legislation. Because all they will achieve is full PAYE and NICs on all TheirCo's income.

[Fred Bloggs]

I found this thread long after it was alive because I have been thinking how useful something like this would be and decided to do some research online.

I'm with Clearsky Accounting, for my sins, and use the online/app only Tide business bank account. The way Clearsky operate feels so antiquated, asking me for screenshots, csv files. If only there was a way that the Tide app could do what Clearsky does, surely I wouldn't need them or have to pay them exorbitant fees. It appears that much of what Clearsky does could be automated as part of the business bank account app. I use the word 'appear' as perhaps they're doing a lot more than I realise.

I'm fairly new to contracting so am yet to go through a whole cycle of tax paying in this way. Help me out though, am I missing some great value that these accountants are doing?

An app that can minimise accountancy fees and general admin faffing around sounds like a great idea to me.

That app already exists. It is called FreeAgent. All leading edge contractor accounting firms use it. Sign up for the free trial and see what you're missing out on.

[LoanCharged]

I’d really appreciate your comments, positive or negative. Thanks!

Honest reply, any company that has the registered address 20-22 wenlock rd would get a wide berth from me due to the bad press if that address. Just google the address and you will see what I mean.

I see you have won some CUK award. Might be an idea to change your business address.

[ladymuck]

Honest reply, any company that has the registered address 20-22 wenlock rd would get a wide berth from me due to the bad press if that address. Just google the address and you will see what I mean.

I see you have won some CUK award. Might be an idea to change your business address.

Dead thread resurrection alert!

[Paralytic]

To start a challenger bank needs a few hundred million £ in capital. One would have thought that with this sort of backing, a business plan slightly more advanced than “HSBC+sage and ask around a few forums peopled by cynical gits” would be needed.
So can you share more details of the plan to get some interest?
Or do you not have a few hundred million yet?

Interestingly, something does seem to exist, though its not clear where its still vapourware.

Countingup - Business bank account for freelancers, startups, sole traders, contractors & self-employed

[cojak]

Dead thread resurrection alert!

Done to get a snarky dig in by the looks of it.

[Lance]

Interestingly, something does seem to exist, though its not clear where its still vapourware.

Countingup - Business bank account for freelancers, startups, sole traders, contractors & self-employed

They’re not a bank...

“PPS holds an amount equivalent to the money in Countingup current accounts in a safeguarding account with Barclays Bank PLC “

Nothing about your money being FSCS protected either...

[BrilloPad]

I used to use QDOS and metro. Highly recommended.

[Paralytic]

They’re not a bank...

“PPS holds an amount equivalent to the money in Countingup current accounts in a safeguarding account with Barclays Bank PLC “

Nothing about your money being FSCS protected either...

I know, was just interesting after the first few disparaging replies a couple of years back. You can pretty much guarantee there will be no fun, FSCS protecting for each individual.