Difference between start and a freelancer account


#1

Hello

What is a difference between start and a freelancer account ? I am director of Limited Company in UK, can I use freelancer account for my company?

Thank you
Mark


#2

I would also like to know this, and how I change my account type to Freelancer. I am also a freelancer trading as a ltd company, and only signed up for the Start account as there was no account type below that for freelancers.

I’ve been waiting to see if you readjusted your pricing so it’s great news if I can change to Freelancer rather than potentially find a new banking provider.


#3

Hi there @stunt125 and @joshuathorley

Thanks for your messages.
If you have a registered company you won’t be able to use a freelancer account for this company, I am afraid, as it is specifically designed for freelancers. If you have any business activity as a freelancer, you can create an account as a freelancer even if you have the company account already. However, this will be a separate account.

@joshuathorley could you please get in touch with our business dedicated support regarding this matter? You can do it by dropping us a message on the business website.

Best
Oleksii


#4

Hi,

I have the similar problem, I had to start an “one-man” ltd company as a sole employee. However, I have only private account with Revolut, and a business one elsewhere - am I allowed to start a freelance account with Revolut then?

Regards,

Vedran


E-resident company in Estonia
#5

@Sprle yes, you are allowed to do that.


#6

So this is confusing. Can you, or can you not, open a freelancer account if you have a limited company that you use as a one-man-band freelancer? I don’t want to be a sole trader, but want to freelance through a VAT-registered LTD in the UK.


#7

apparently a one-man-ltd does qualify for the £6.99 freelancer account…I would say you should try and see :wink: if there is a problem you will be told during the onboarding process anyway.

please keep us posted.


#8

Below is what I was told by Revolut about the freelance account option for limited companies. Although it might be possible, speak to a lawyer / review this carefully before doing this as by mixing personal money with money belonging to the limited company you may lose the limited liability benefits that a limited company may provide. Revolut just ignored me when I raised this point. As ever Revolut’s service is very much lacking for anything that isn’t automated. I am going to look at Transferwise’s borderless account option as Revolut’s business offering is too expensive for a single person working under a limited company.


#9

Hi @Oleksii, if I understand this correctly, for the “Freelance” plan, the name of the account holder and not a registered company shows up when making transfers and needs to be put in as account holder name for incoming transfers.

I then suggest to update the FAQ text that is shown under the Freelance option on your website’s price plan page:

What account will I get?

This depends on the status of your application and our banking partner’s compliance checks. When you first sign up, you will be provided with unique currency accounts for British Pounds (GBP) and Euros (EUR). You can hold and receive money in these currencies via an account number and sort code and IBAN in your company’s name.

This might be technically correct, assuming a Freelancer is his own company. But I believe UK law does allow to pick an official company name for sole traders, without registering as a different company? Whatever the case, I find the wording in the FAQs unnecessarily complicated.