Business Bank Account 

We recommend opening a business bank account with which you will be able to easily track the finances of your business and separate the costs related to your business from your personal expenses. 

According to HM Revenue & Customs, this is not mandatory, but it is advised to transmit every expense and income related to your business operation to this account. 

The Money Laundering Regulation, however, states that if the income from a business is received on a private bank account, then money laundering may be suspected. 

The business bank account at most banks also offers free of charge account management in the first 1-2 years. 

In order to be able to open a business bank account as a self-employed person, in most cases you will not need a UTR number, and no certifications stating that you are self-employed. 

With the help of digital accounting systems, you can easily manage your income and expense records online; for this, being able to handle your private and business bank accounts provides a great help. 

TIPS & TRICKS

Bank account management is free of charge for 1-2 years at most banks. 

HM Revenue & Customs does not necessarily request private bank accounts during an audit if you have a business bank account and you conduct most of your finances here.