Reply to: Starling bank business current account

[jmo21]

Got a Monzo business account invite the other day, but they charge £5/month

Starlings is free, but not sure if that is a long term thing to build numbers.

[Spoiler]

Starling now offer business accounts to multi PSC Ltds

[Lance]

Lots of banks won’t let you contract with them if you have more than you as a director

Even if it’s your spouse?
Do you know this for fact or are you speculating?
I’ve come across agencies who don’t like more than one director but that’s to stop consultancies getting in the door, and isn’t a problem if the co-director has the same name.

[Andy O]

Lots of banks won’t let you contract with them if you have more than you as a director

Not an issue with Barclays or Lloyds.

[GhostofTarbera]

Why not make her a director as well?

One reason to do it is in case you die so she can then close down the company simply rather than leaving her a total mess to sort out that she has no control over.
There aren't really any good reasons to not make her one.

Lots of banks won’t let you contract with them if you have more than you as a director

[jmo21]

Any issues with Aldermore as a Cater Allen replacement?

I have Aldermore savings accounts, and only your (company) nominated account can pay into them

They don't do a current account (or didn't last time I checked)

[Lance]

Indeed. Just looking into this now that I've uncovered the anomaly - will ask my accountant !
Although … may just leave it a week or so and ensure the Starling account is fully operational first

Update - Accountant is getting the PSC register corrected !

Why not make her a director as well?

One reason to do it is in case you die so she can then close down the company simply rather than leaving her a total mess to sort out that she has no control over.
There aren't really any good reasons to not make her one.

[Troll]

I didn't say there was, but I wasn't clear.

I have 5k sitting in cater Allen to avoid their fee/fine.

Now I can move that 5k to my aldermore business savings account instead.

Not much I know

Any issues with Aldermore as a Cater Allen replacement?

[Spoiler]

Well you better get that sorted at companies house before your fine arrives!

Indeed. Just looking into this now that I've uncovered the anomaly - will ask my accountant !
Although … may just leave it a week or so and ensure the Starling account is fully operational first

Update - Accountant is getting the PSC register corrected !

[Spoiler]

How do you get away with not including her as a person of significant control if she owns half the business?

No idea - I assumed she was, but according to Companies House she is not (quick check online before I applied).

[DeludedKitten]

I've also signed up. My wife is a 50% shareholder and this was also fine with Starling - they use Companies House PSC information and I'm the only person listed as a PSC (sole Director).

How do you get away with not including her as a person of significant control if she owns half the business?

[craigy1874]

I've also signed up. My wife is a 50% shareholder and this was also fine with Starling - they use Companies House PSC information and I'm the only person listed as a PSC (sole Director).

Well you better get that sorted at companies house before your fine arrives!

[Spoiler]

Yet. My wife only has a 25% share so in my case I was the only PSC and was able to sign up. I'm also doubtful that the majority of contractors income split, seeing as it only generally makes sense if your spouse does not earn very much.

I've also signed up. My wife is a 50% shareholder and this was also fine with Starling - they use Companies House PSC information and I'm the only person listed as a PSC (sole Director).

So ... whilst performing my Director duties and performing due diligence on Ltd Co records, I identified that the PSC register at Companies House was not up-to-date (being corrected by a Confirmation Statement which is due to be submitted shortly).

Interestingly, before applying I spoke to Starling CS about a Ltd Co with 50/50 shareholding (but sole director) and they were not fussed - and only interested in CH information (correct or not!).

[TheCyclingProgrammer]

Many businesses like ours take advantage of the Arctic ruling and have more than one person with significant control, which they cannot cater for.

Yet. My wife only has a 25% share so in my case I was the only PSC and was able to sign up. I'm also doubtful that the majority of contractors income split, seeing as it only generally makes sense if your spouse does not earn very much.

[TonyF]

No charges for small businesses like most of ours.

Many businesses like ours take advantage of the Arctic ruling and have more than one person with significant control, which they cannot cater for.