Changing from sole trader to limited company


#1

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. .


#2

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.


#3

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.


#4

Hi @tideuser2018,

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.

Thanks, Waiel