Refused a bank account

setupandaccess

#1

I was refused a bank account today by someone at Tide. I’m trying to setup a business bank account as a sole trader and would like to keep the the startup capital separate from my personal bank account for tax and accounting purposes. They refused on the basis i did not have a website (which only takes a few hours since I am going to be using shopify) . They also said I had not informed HMRC. I phoned HMRC and they said you do not need to inform them until you officially start trading.

Not really happy with the service from Tide - very poor understanding of HMRC and website setup process. I’m little concerned, what happens if I didn’t need a website would you have still refused?


#2

Sorry to hear you’re unhappy with your experience @ofarooq,

I am afraid you need to be registered with HMRC to be eligible for a Sole Trader account. You can read more about this in our FAQ: Can I open an account?

As our on-boarding team mentioned, we’d of course love to see you re-apply once you are registered with HMRC :slightly_smiling_face:

Let me know if you’ve any other questions, I’d be happy to help.

Valentine


#3

This is appalling and did not used to be the case so WHY?

Had great hopes for Tide but it is just not going in the right direction.
Very disappointing


#4

We’re sorry you feel this way @Krakastan.

If you have any further feedback or questions, we’d love to hear them.

Valentine