ANNA Business Account Review: Features and Fees

ANNA Business Account is a great option for small businesses in the UK. It helps streamline financial operations for sole traders, limited companies, and LLPs. Here are some key benefits of the account:

• No monthly fee for the Pay As You Go option

• Free UK card purchase fees

• Low 20p UK bank transfer fees

These features are designed to make daily transactions more cost-effective for businesses. By reducing transaction fees, ANNA helps businesses manage their finances efficiently, allowing them to focus on growth without high costs.

ANNA’s commitment to providing a competitive and practical financial solution for UK businesses is evident in its emphasis on minimizing transaction fees.

Anna Money Business Account

Who owns Anna Money

ANNA Money was founded in 2017 by Boris Dyakonov and Eduard Panteleev, who have extensive experience in the banking sector. The company is officially known as Absolutely No Nonsense Admin Limited and provides various business tools, including a business account, bookkeeping software, and tax tools. Its services are primarily aimed at supporting small businesses in the UK.

ANNA Business Account Review Details

Exploring the ANNA Business Account uncovers valuable insights into its features and benefits. ANNA, as an e-money service, lacks protection from the FSCS, which might worry some users. Nevertheless, it appeals to sole traders and small limited companies for its swift setup, round-the-clock customer support, and adaptability to different business structures.

Both free and paid accounts provide identical functions, with transaction fees being the differentiating factor. This simplicity and cost-effectiveness make ANNA a practical choice for managing business finances. The platform’s emphasis on user-friendliness and tailored solutions positions it as a strong contender for sole traders and small businesses looking for efficient financial management.

Furthermore, ANNA Money offers a suite of business tools designed to support small business administrative tasks through a streamlined platform. Key features include smart invoicing, digital document management, VAT return calculations that are compliant with HMRC’s Making Tax Digital requirements, and the ability to connect multiple business bank accounts for cohesive financial overview. The platform also integrates with accounting software like Xero and Sage, and supports e-commerce integrations with platforms such as Shopify and WooCommerce.

 

Pay As You Go:
No monthly fee but you pay for what you use
Business
All the essentials to get your business growing
Big Business
Everything your business needs to thrive
FREE1 month free, £14.90 + VAT per month or £149 a year if billed annually£49.90 + VAT per month Or £499 a year +VAT if billed annually
Local transfers in and out 20p per bank transferLocal transfers in and out 50 free bank transfers per month 20p per transfer after thatLocal transfers in and out Unlimited free bank transfers
ATM withdrawals: £1 per ATM withdrawalATM withdrawals: 3 free ATM withdrawals per month £1 per withdrawal after thatATM withdrawals: Unlimited free ATM withdrawals
International payments £5 per SWIFT paymentInternational payments 1 free SWIFT payment £5 per payment after thatInternational payments 4 free SWIFT payments per month £5 per payment after that
Currency conversion fee for transfers 1%Currency conversion fee for transfers 1%Currency conversion fee for transfers 0.5%
Personal payment link for accepting payments: Payment link with 1% commissionPersonal payment link for accepting payments: Free payment link usage up to £200 per month, 1% commission after thatPersonal payment link for accepting payments: Unlimited, commission-free payment link usage
Additional debit cards 1 debit card included, £3 per extra card, per monthAdditional debit cards Up to 5 debit cards included £3 per card, per month after thatAdditional debit cards Unlimited free debit cards
Pay cash in with 1% commissionPay in up to £300 cash per month for free, 1% commission after thatPay cash into your account commission free
£1 per pot monthly2 free pots, £1 per pot, per month after thatUnlimited pots
Cashback on purchases: 1% on select categoriesCashback on purchases: 1% on select categoriesCashback on purchases: 1% on select categories
Prices are shown before VAT. Please check Anna.Money for the latest price and fees updates.

ANNA Money offers different pricing plans for their business tools, and they all start with a free month for new users. They have a Basic Admin plan that covers essentials like instant invoicing and easy receipt capture. For those who need help with VAT, the VAT Upgrade plan makes handling VAT easier with features like unlimited VAT filing and automated calculations. For limited companies, the +Taxes plan provides detailed tax management tools such as estimates for corporation tax and support for filing, starting at £3 per month and going up to £24 plus VAT after three months. These plans are designed to help businesses manage their finances more easily, no matter their size.

  1. Basic Features (Included in All Plans):
    • Easy Receipt Capture: Automatically reads and categorizes your receipts.
    • Instant Invoicing: Create professional-looking invoices with options for online card payments and Apple Pay.
    • VAT Filing: For £3.50 + VAT per filing from Excel or Google Sheets, with the first filing free.
    • Accountant Access: Share access with your accountant or integrate with software like Xero or Quickbooks.
  2. VAT Upgrade Plan (£5 + VAT per Month):
    • Includes all the basic features.
    • Unlimited VAT Filing: File VAT returns from a spreadsheet for free.
    • Advanced VAT Tools: Automated VAT calculation and direct filing with HMRC, along with automated receipt matching.
  3. Advanced Business Tools (£3 for the First 3 Months, £24 + VAT Thereafter):
    • Includes all the features of the VAT upgrade plan.
    • Corporation Tax Features: Estimate and automatically set aside money for corporation tax, preparation and filing support for new businesses.
    • Expert Support: Get help with business taxes and accounting.
    • Additional Bookkeeping Tools: Includes tools for payroll for one person, a tax calendar, tax calculator, and more.
Anna Money Business Account

Anna Money Tax services

In the world of tax services, ANNA Money stands out as a trusted partner for businesses looking to manage their finances effectively. Offering a range of features aimed at easing tax-related concerns, ANNA ensures its users are always on top of their HMRC obligations with timely reminders and accurate estimates. Tailored VAT reminders guarantee that deadlines are never overlooked, and ANNA’s in-app tax calculator helps keep income tax payments in check, preventing any unexpected surprises. Moreover, ANNA is on the brink of simplifying tax filing even further with its upcoming integration with HMRC’s Making Tax Digital initiative, allowing for seamless submission of financial data directly from the app. With ANNA Money Tax services, tackling the intricacies of taxation becomes a smooth and stress-free experience.

Anna Money Receipt scanner

Anna Money Receipt Scanner offers a straightforward solution to paper clutter. It effortlessly captures and organizes receipts, making expense tracking and tax prep a breeze. Its handy feature prompts users to photograph receipts with every card transaction, ensuring none are lost. Plus, with AI categorization, manual data entry becomes a thing of the past. By centralizing financial data, including expenses and invoices, Anna Money Receipt Scanner simplifies financial management for everyone.

ANNA Money invoicing software

ANNA invoicing software page provides a comprehensive overview of an automated invoice management system designed to simplify billing processes for businesses. It highlights features such as creating professional invoices with minimal typing, automated invoice matching to keep financial records tidy, the ability to chase unpaid invoices automatically, and customization options for invoices. The system emphasizes ease of use, speed in setup, and integration with a mobile app, aiming to help businesses get paid faster and streamline their accounting processes.

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Applying for an ANNA Account

To start the process of opening an ANNA Business Account, you’ll need to download the ANNA mobile app and follow these steps for verification:

Completing these steps ensures a smooth onboarding experience. By opening an ANNA Account, you gain access to various benefits, including:

  • Quick account setup
  • 24/7 customer support through the mobile app
  • Features like invoicing, real-time account monitoring, software integration, and free direct debits

Managing your business finances efficiently becomes easier with an ANNA Account.

  • Verify your identity: Use your driving license or passport.
  • Confirm your address: Provide a utility bill, council tax bill, or bank statement.
  • Submit your Unique Taxpayer Reference (UTR) or company registration number.
  • Provide business documentation: Such as a website or supplier invoices.
Anna Money Business Account

Pros and Cons of ANNA Money

As I have already mentioned, ANNA offers a pay as you go account without a monthly fee, making it a cost-effective option for managing finances. Setting up an account with ANNA is quick, taking only three minutes, and they provide 24/7 customer support through their mobile app for added convenience.

However, money held with ANNA Money business account isn’t protected by the Financial Services Compensation Scheme, which can be risky for account holders. Additionally, ANNA doesn’t accept cheques, and their paid account options can be more expensive compared to other providers, potentially impacting the overall cost-effectiveness for small businesses.

Anna money business account review on Trustpilot

Based on Trustpilot reviews, Anna Money gets mixed feedback from its users. Many customers appreciate the quick support, the easy-to-use features like the invoicing tool, and the helpful customer service. They also like that you can talk to a real person instead of just dealing with automated responses. On the other hand, some customers have had issues like account suspensions, slow transactions, and problems with linked payment services. These negative experiences have left some users frustrated and disappointed. Overall, while many people are happy with Anna Money, there are also quite a few who aren’t satisfied with the service.

Anna Money

Frequently Asked Questions

Is There a Minimum Deposit Required to Open an ANNA Business Account?

Opening an ANNA Business Account is simple and easy. You don’t need to worry about a minimum deposit. 

Absolutely! You can easily connect your ANNA Business Account to accounting software to help you with financial reporting. This integration makes managing your business finances more efficient by providing real-time insights. Here’s how linking your ANNA Business Account to accounting software can benefit you:

  • Seamless financial reporting: By linking your account, you can access up-to-date financial data directly in your accounting software.
  • Real-time insights: Stay informed about your business finances with instant access to important information.
  • Enhanced efficiency: Streamline your processes and save time by automating financial tasks through the integration.
  • Connecting your ANNA Business Account to accounting software is a smart move for any business looking to stay on top of their finances.

Are There Any Penalties for Exceeding Transaction Limits on Anna?

If you go over the limits for transactions on ANNA, you might have to pay extra fees or have restrictions placed on your account activities. The flexibility of transaction limits can vary, so it’s important to keep a close eye on your usage to avoid penalties and keep your account working smoothly.

Does ANNA Offer a Business Savings Account or Interest on Balances?

The ANNA Business Account is designed to streamline financial management for businesses. While it doesn’t include business savings or offer interest on balances, it does facilitate the creation of Pots, providing flexibility in fund allocation.

Can I Use My ANNA Business Account for International Transactions?

YEP! Your ANNA Business Account is perfect for handling transactions across borders. ANNA makes it easy by taking care of currency conversion and charging fees for international payments. With this account, you can smoothly manage your business globally, making transactions flexible and convenient.

Conclusion

In simple terms, the ANNA Business Account is designed to help businesses grow without spending too much on transactions. It offers perks like no monthly fees, free UK card purchase fees, and affordable bank transfer fees, making it a smart choice for sole traders and small limited companies.

Even though it doesn’t have protection from the Financial Services Compensation Scheme, ANNA makes up for it with quick setup, 24/7 customer support, and an easy-to-use interface that business owners will find convenient.

Anna Money Business Account
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Christian M
Christian M

Meet Christian - he's a digital entrepreneur with a passion for finance, personal growth, and marketing. He likes discovering new cutting-edge financial products that can help to improve people's lives.