As a sole trader, do I need a business bank account?

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In the past, I have been heavily involved in the running of a limited company. With that company, we had a business bank account. Now I am going to set up as a sole trader. Do I need a business bank account to work as a sole trader? Or, is that even possible?

Answers

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There is no legal requirement for a sole trader to have a business bank account but it will be easier for you to keep track of business transactions, maintain accurate accounting records and complete your tax returns. If you just use your personal current account, it will be more time consuming to sift through your bank statements to separate business transactions from personal ones.

a year ago
 

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