Sole Traders / Self Employed. If you're working as a sole trader, then your personal and business affairs are treated as one for tax purposes. You are your business. As a sole trader you are not legally required to open a separate business account.
However, there are many advantages to keeping any business and personal finances separately. This is particularly recommended when you will need to specify which expenses were personal and which were business related. Having a separate account for your business will make things easier when you will need to complete your annual accounts and Self Assessment Tax return and be a lot less time consuming.
At Monese, the best option is to open a secondary account for business transactions if you already have a personal account. Otherwise you can use your personal account for business transactions as normal however, please note that Monese assumes no responsibility with regards to the execution of tax obligations, or calculation and transfer of taxes relevant and applicable to you, your business and/or your company in any of the countries in which you operate.
We offer 3 price plans for the personal account.
Starter, which has no monthly fee, Plus which is charged at £4.95 or 4.95€ per calendar month (dependant on whether you choose to run a UK or Euro account as your primary account) and Premium which is £14.95 or €14.95. We do not charge any additional cost if you want to run both a UK and Euro account.