At Starling, we want to provide tools that help small business owners, freelancers and contractors spend less time on their accounting and bookkeeping and more time on their trade. That’s why we designed our Business Toolkit, complete with invoice generator, VAT calculator and self-employment tax estimator, fully integrated into the Starling web portal. The optional Toolkit costs £7 per month (inc. VAT). It gives customers access to all the features of our free business account, but with extra tools designed to simplify business admin.
Our original free business accounts are still free to open. The option of the Business Toolkit provides the same features but with extra bells and whistles for accounting, bills and tax. The Toolkit is available exclusively with online banking.
Making business simple
The Business Toolkit is available to Starling customers with a sole trader or limited company business account. The Toolkit includes:
- Invoice creation and auto-matching - Create and send custom invoices and we’ll suggest a match between issued invoices and incoming payments to keep track of which ones have been paid.
- Bill management - Upload PDF or image files of payable bills and schedule payments to manage your cash flow and track expenses.
- Automated expenses - It’s tricky to know what’s tax deductible and what isn’t. That’s why we automatically categorise your transactions and provide handy hints in the category description to help you decide what you can claim for.
- Sole trader tax estimation - Based on the information you provide, we’ll estimate the money you need to set aside for the self-employment part of your tax return, including Income Tax, National Insurance Contributions and Student Loan Repayments.
- VAT recording and submission - Connect to HMRC and submit your tax returns through our Toolkit’s Making Tax Digital software.
- Bookkeeping to-do list - For certain transactions, we’ll prompt you to attach a photo of a receipt and invoices so that you can keep digital copies for your tax return.
Managing your money all in one place
Jewellery designer Becca Williams decided to switch her business banking to Starling when we launched our Toolkit in beta in January.
“My accounting software never seamlessly connected to my previous business bank account, I spent a lot of time linking things up. I already had a Starling personal account and I moved my business account when the Toolkit came online for testing,” she says. “The invoicing is really good. I’ve used it to bill several clients and there’s enough space for me to specify the work I’ve done - it works really well.”
The benefit for Becca is having her business banking and invoicing all in one place, plus the ability to organise money through our Goals feature. “I’m moving my business to a new building, which I’m renovating, so there’s a Goal for that. In the past, I would have needed a separate account to keep it organised. But with Starling, I divide money in the way that suits me and drop money out of a Goal when I need to pay for something - it’s all organised. It also means that my accountant only has to see one set of bank statements.”