Can a non-UK resident open a Tide business account?

The company formations service is only available to UK residents at this time. You can apply for a Tide account (without the company formations service) from outside of the UK. In some cases, we may have to complete additional checks in order to process your application to open a business current account.

Go to: 

‘Admin’ > ‘Payroll’ > select the current pay period and an employee > ‘Add pay item’  > add the salary advance amount > type in ‘Salary advance’ in the ‘Description’ field, and save the changes

Then in the next month’s pay run: 

‘Admin’ > ‘Payroll’ > select the current pay period and the same employee > ‘Add pay item’ > add the salary advance as a negative value > fill in the ‘Description field, and save.

For example, if the salary advance is £2,000 – you’ll need to add the negative amount of £-2,000.

Note: Salary advances are typically adjusted in the following month's payroll, but can be done at another time, depending on your agreement with the employee.

A salary advance is not a loan – there is no interest charged to the employee. Salary advances are taxed like regular income. 

If the salary advance you’ve paid to an employee for a year is more than £10,000, HMRC may consider them as a Benefit in Kind, meaning you’ll need to report this in a P11D form.