Digital bank Starling Bank is offering two new features targeting their growing number of business accounts. First is a US dollar account that allows them to spend directly in pounds or dollars with a single card. The second is a “Business Toolkit” that includes a bookkeeping and accounting feature that can be managed directly within a firms Starling Bank account online.
According to Starling, the Toolkit, which has been in beta since January, enables customers to calculate and submit their VAT returns using HMRC Making Tax Digital software direct from their bank account. For sole traders, it will estimate the money that needs to be set aside for self-employment income tax, National Insurance Contributions and student loan repayments. The Toolkit is said to be free for the first three months for those who sign up before 31st July 2020 and £7 a month after that.
The US dollar account should help international transactions as the feature allows users to hold, send, and receive in US dollars from the Starling app. Previously, Starling Bank launched a euro business account for transactions on the European continent.
Customers will have a full US bank account, which will include a US account number and an ACH routing number. The account will be available to Starling’s business customers for a £5 flat monthly fee.
Anne Boden, Chief Executive of Starling commented on the new features:
“Small business owners are under a huge amount of strain at the moment and at Starling we’re continually looking for ways to help them get back on their feet and remain open for business. The new features that we’ve built for the Business Toolkit will help entrepreneurs save time and money, while at the same time allowing them to cut down on paperwork and spend more time serving their customers.”
Starling reports over 1.4 million customer accounts, including more than 180,000 limited company and sole trader and business accounts.
