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:
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.
When applying for your sole trader business bank account, please ensure the following:
- That your business has been incorporated and registered for at least 3 working days before you apply for the icount business account.
- 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).
- 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
- 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.