Apologies if this is in the wrong thread as I’m new to the forum and this is my first post!
I’ve banked with Monzo since 2019 and absolutely love it, it’s definitely changed my financial life.
I’ve registered my business in April this year (2021) and signed up for Monzo’s Business Banking which again I’m really happy with but I’m stuck with the cash deposit limit of £1,000.
I have a client who predominately pays me cash for every job that I do as well as he has given me lump sums before now as an investment or to buy new tech.
I have a job coming up from him in the next few weeks which will more than likely be a £200-£300 job, so the deposit limit won’t trouble me too much.
However, I am concerned that more work will come from him or other clients in the coming months and I will not be able to deposit more than £1,000 within that time limit.
Previous jobs from him were before I had my business account and this used to go into my personal account. I bank with with First Direct too so I’ve been able to deposit the large sums into there and transfer it over to my Monzo to beat the cash deposit limit. But now any future jobs I need to deposit into my business account to declare it on my tax return.
I understand why Monzo do this and limit this, but it makes it difficult for me for any clients that pay their invoices with cash. Which is more than likely a tax avoidance for themselves but as long as I’m paying my own I’m not too concerned.
So in terms of Monzo’s limits and balancing it on my books, what kind of a workaround can I use to make sure the money is deposited into my business account and goes onto my accounts?