Setting up a sole trader bank account is the easiest way to get your business up and running. You can begin trading instantly, pending any insurance or industry-specific licenses you might need to have.

Opening a business account as a sole trader may also come with certain tax advantages. For instance, if you work from home, you can reduce your tax bill via deductions on some expenses such as household bills and mortgage interest.

What is the best business account as a sole trader?

The icount business account is a great option for established sole traders and even startups. With user friendly features, you will discover you have all the advantages of a high street sole trader business account and more.

Advantages of the icount business account for sole traders:

  • Review transactions and manage your account online. This will give you full control of your finances.
  • Setting up the account in the name of your business.
  • Manage one off payments, standing orders and direct debits through our online service.
  • No charge for Direct Debits.
  • Reduce administration time by downloading your statement in a CSV format.
  • No monthly fee.
  • Deposit cash at the post office and 14,000 other locations
  • No charge for inbound Bank Transfers.
  • 3 free outbound Bank Transfers per month.
  • UK Call Centre with great customer service.
  • A Prepaid Mastercard® which will not incur extra charges for purchases in the UK.

Click here to apply for your prepaid icount business account.

Setting up a sole trader account with bad credit score

If you are a sole trader and decide to open a business bank account with a major bank, beware that your personal credit score is something they will look at. This could affect your sole trader business bank account application.

This is where the icount business account stands out. It’s an alternative to a business bank account, which means we don’t perform any credit checks. We are also not affiliated or linked with any other bank, as we we are a fully independant business account provider.


Applying for a sole trader business bank account

Applying for the sole trader business bank account is simple:

  • No interview or paper application
  • No credit checks to open an account
  • Instant online decision
  • Your sort code and account number is available to use within minutes

When applying for your sole trader business bank account, please ensure the following:

  1. That your business has been incorporated and registered for at least 3 working days before you apply for the icount business account.
  2. Any address you supply is your registered company address (it will make it easier for us to do our initial background checks and speed up the application process).
  3. Ensure that you enter your company name as it appears on your letter from Companies House, when you first registered the business with them. That you
  4. Please double check that you have entered all 8 digits associated with your company registration, so that there are no delays to your account application.
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Sole Trader Business Bank Account

Updated on 2017-03-20T10:14:19+01:00, by Kristian Stock.