• Sole Trader

    From £10.00 per month

    A straightforward account for sole traders!

    £0.00 per ATM withdrawal *

    £0.00 per Fast Payment *

A business account for Painters & Decorators

Painters and decorators in the UK range from the traditional jack-of-all-trades or handyman with a van, to small companies with tight-knit teams and some larger commercial painting contractors with hundreds or even thousands of employees.

In many cases, painters and decorators may be sole traders and independent contractors, hired to work on a job alongside other trades, for example during the construction of a new building or extension, or during refurbishment work.

Whatever way you trade, a business account for painters and decorators is an important step towards a more professional trading structure – especially if your bank is putting pressure on you to stop using your personal current account for work purposes.

Why is a business account better?

If you’re working as a sole trader in the painting and decorating trades, you might wonder why a business account is better than just using your personal current account to accept payments from customers.

After all, the money you earn is all ultimately your own, and using your current account means it’s all available for you to spend any time you choose – right?

But in fact, it’s sensible to view things a little differently. The money you have coming in from jobs might already be earmarked to buy more paint, brushes/rollers and other tools, or to fuel your work van, or to cover all kinds of other business costs.

A good percentage of it will also probably be owed as tax at the end of each financial year, and it’s better to set this aside as you go along, rather than rushing to raise enough to pay your tax bill as the January 31st deadline approaches each year.

A separate account for business funds

A business bank account gives you a separate account for all of these reasons. Expenditure is clearly visible as business expenses – making it easier to legitimise this as tax-deductible when self-assessing each April.

Money coming into the account should all be raised through business activities too, making it less likely that you will mistakenly pay tax on non-business income, for example everything from birthday or Christmas money, to a friend transferring money into your current account to repay you for cash they borrowed on a night out.

There are endless reasons why you might receive money into your personal account that is not taxable – and by keeping your business finances running through a completely separate account, you’re less likely to find yourself in a situation where you have to explain to HMRC why certain income wasn’t declared.

Does it have to be a bank?

If you already have a current account with a bank and they find out you are self-employed, it is very likely that they will offer you a business bank account – they might even make it sound like you’re obliged to open the account they offer you, for example because they will not let you use your personal account for business purposes.

You usually are not obliged to open an account with any particular bank, even if you already bank with them for personal finance purposes. Don’t be pushed into accepting a financial product you don’t really want.

An alternative is the Arro Business Account. We are not a bank, and we do not push business loans, credit cards and overdrafts on to you – in fact we don’t provide credit at all, so you always deal just with your business’s own money.

Why no credit?

Many sole traders don’t want an overdraft or to be pushed into taking out a ‘business development loan’ that costs thousands of pounds extra to repay.

With an Arro Business Account you have a straightforward place to keep your business funds, and you can always easily see what your current balance is – effectively using your Arro account as an instant gauge of profit vs. loss.

If you have a slow month and funds are low, it’s easy enough to transfer some money in from your Arro Personal Account or from a personal bank account elsewhere, and we will not charge you for receiving a deposit into your Arro Business Account.

Apply today

To open an Arro Business Account, we just need your name, date of birth (you must be over 18) and current UK address – either your trading address or home address, if that’s your base of business.

We also ask for a company name and some simple contact details so we can send you your account and card numbers, but don’t worry if you do not have a registered company name, as the Arro Business Account is available to sole traders too.