Sole trader bank accounts: do you need a separate one?
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
In the UK a sole trader is not legally required to open a business bank account, because you and the business are the same legal person. Limited companies are different and do need their own account. Even so, many sole traders choose a separate account to keep things simple.
Why a separate account helps
- Your Self Assessment tax return is easier when business income and costs are in one place.
- You can see at a glance how the business is really doing.
- Customers see a business name on payments, which can look more professional.
Check your bank's rules
Some banks' terms say a personal account shouldn't be used mainly for business. If you take a lot of business payments into a personal account, read the terms or ask the bank.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
What to look for
- Monthly fees and charges per payment.
- Easy ways to get paid, such as payment links and invoices.
- Links to accounting software.
- Whether your money is protected, and by whom.
Where SendPay fits
SendPay isn't a bank. SendPay platforms give your customers GBP, EUR and USD accounts, transfers and branded Visa cards under your own brand, powered by licensed partners. SendPay doesn't offer lending.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
Which business account costs less?
Compare two accounts' monthly and per-payment fees using your own numbers.
Business bank account fee calculator →What is a business bank account?
An account used for a business's money rather than personal spending.
Business bank accounts →What is a sweep account?
An account that moves spare cash automatically based on rules you set.
Sweep accounts →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.