Contractors & Freelancers + Grant Application: The Challenge
As contractor, preparing bank statements for grant application is a common but time-consuming task. Grant applications often require evidence of financial health, cash flow, and how previous funding was spent — typically shown through bank statements.
How BankScan AI Helps Contractors & Freelancers with Grant Application
Upload your bank statements and get organised spreadsheets that make expense categorisation and self-assessment tax returns straightforward. For grant application specifically, BankScan AI extracts Current unrestricted reserves, evidence of matched funding, previous grant expen automatically.
How Contractors & Freelancers Handle Grant Application
When preparing bank statements for grant application, contractors & freelancers need to Contractors download bank statements from both personal and business accounts, separate allowable business expenses from personal spending, categorise. BankScan AI automates the data extraction step.
Key terms you'll encounter: IR35, director's loan account, allowable expenses, flat rate VAT.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 3-12 months, depending on the funder; Arts Council and Innovate UK typically require 3 months, while National Lottery may require a full year of statements for grant application.
AI extracts what you need
Our AI extracts Current unrestricted reserves, evidence of matched funding, — formatted for contractors & freelancers workflows.
Complete your grant application work
Download Excel files ready for grant application. Summary of reserves and cash position, with previous grant funds ring-fenced or traceable, demonstrating the organisation can manage public money responsibly
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Contractors & Freelancers — Grant Application
- Built for Contractors & Freelancers — Saves 1-2 hours per month on expense tracking and categorisation, plus 3-4 hours at year-end when preparing records for self-assessment
- Software compatible — Output works directly with FreeAgent, Xero, QuickBooks Self-Employed
- Built for Grant Application — Convert your bank statements to clear spreadsheets that demonstrate financial health, spending patterns, and fund usage for grant applications.
- Key data extracted — Current unrestricted reserves, evidence of matched funding, previous grant expenditure trail, operational costs demonstrating going-concern viability
Compliance: Contractors & Freelancers + Grant Application
When contractors & freelancers prepare bank statements for grant application, specific compliance requirements apply.
- IR35 legislation requires contractors to demonstrate they are genuinely self-employed. HMRC may request bank statements during IR35 investigations. Contractors operating through limited companies must comply with corporation tax filing and Companies House requirements. Self-employed contractors must register for self-assessment.
- Legal basis: Charity Commission CC25 guidance on charity accounts; specific funder terms and conditions governing financial evidence requirements
Grant Application — Built for Contractors & Freelancers
Grant rounds have fixed closing dates; applications without complete financial evidence are typically rejected outright rather than given extensions
Try Free — Contractors & Freelancers + Grant Application