If you’re starting out as a business you probably won’t have a limited company set up. So you’ll most likely open a sole trader account. Problem is, you can’t switch account type when you do become a limited community, without having to open a new account and manually inputting all payees, cancelling with suppliers all regular payments and resetting them up again (but only when you’ve recently bed a new card as you need a card number). This is frustrating. .
Hi @Barbs, totally understand you’re frustration here. Many of our members, like yourself, start off in this position and, in the future, we do aim to build this into the app.
So there is no way of changing this? I’ve just realised that I have a 25k balance limit which is completely unfit for purpose.
If you require a limit increase all you need to do is reach out to us in the app and a member of the team can discuss this with you.
When a company moves over from a sole trader account, they will need to close the sole trader account and reapply for a limited business account.