Limited companies MUST have a separate bank account opened in the Company’s name.
However, for self-employed individuals, it is not mandatory to have a business bank account.
It is, however, of benefit to a business owner, to be able to track your income and expenses.
With the increased requirement for keeping digital records, the use of a bank account will allow you to track your records and keep everything in one place.
With the imminent implementation of Making tax digital for individuals’ self-assessment (MTDITSA), due to be introduced from April 2026 having a separate business bank account will get you one step closer, so we encourage getting started now.