Many people run a tiny business, and it can sometimes be difficult to set up a simple business account with major financial organisations, due to the difficulties in verifying identity and being able to qualify for all the checks. Here are some resources to help.
Firstly, verify your identity. This will make it simpler for everything in life. A full passport (read photo rules, there is help for disabled people) is the best form of ID, major post offices can make appointments for you to go in and they will fill in the form for you, take photos with a smartphone and send it all off, with less chance of rejection. A full birth certificate is also good, and a full driving licence a good optional extra, but not enough on its own.
Citizen Card is good to prove age and identity, and you can also use it as voter ID, entering pubs and clubs, buying age-restricted goods and taking domestic flights. Post Office Pass Card is a good alternative, which requires no existing ID and is Home-office approved.
The newer online bank are usually the simplest way to open a business account, often in around 10 minutes, as long as you know how to use phone apps. Good ones are:
If you prefer a more traditional business bank account, Reliance Bank gives up to 75% of profits to the Salvation Army (profits help homeless people). Over the last 15 years, it has donated over £8 to projects both in the UK and abroad.
Unity Trust Bank offers current and savings accounts to help businesses that help communities. It has operated for nearly 40 years to help organisations prosper and contribute to economic, social and environmental change.
It’s not good to get loans if you don’t need them. But Co-operative & Community Finance offer help for people setting up co-ops and social enterprises. The programs include lending for community pubs, charities and community energy schemes.
TaxScouts offers a fixed fee service with an accredited accountant. It’s all simple, fast and done online and filed as little as 48 hours.
