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OPEN A BUSINESS BANK ACCOUNT FOR SOLE TRADERS AND CLAIM £100 CASHBACK*

It's fair to say that living as a solo trader can sometimes involve some juggling, plate spinning, and putting out blazes.
Therefore, whether you are self-employed or are successfully running a side business, we have partnered with Tide business bank account to be able to offer sole trader accounts to save you time and money while you manage the show – and (so here is the best part) it's free.

Apply for a free digital business account quickly within the app. You can then use the free built-in invoicing feature like Oaktree does or connect your accounting software. plus a great deal more

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Starting a new business as a sole trader 

IS INDEED THE QUICKEST AND SIMPLEST WAY. SIMPLY REGISTER WITH HM REVENUE & CUSTOMS (HMRC) AS A SELF-EMPLOYED SOLE TRADER AND START YOUR BUSINESS.

Being a sole trader, on the other hand, entails some financial responsibilities. Keeping track of your business finances is essential, from filing your income and tax returns with HMRC to dealing with invoices - There are no monthly or annual fees with a free tide business bank account. packed with free features The built-in invoicing features are an oaktree favourite. The best part is that no credit check is required to open a business bank account. 


As a sole trader, you can use your personal bank account for business finances, but doing so will make life more difficult in the long run. Using dedicated sole trader bank accounts allows you to keep track of your cash flow and makes filing annual returns simpler.

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Sole traders open a free business account

A SELF-EMPLOYED BANK ACCOUNT CAN REFER TO ONE OF TWO THINGS: USING A PERSONAL ACCOUNT FOR SELF-EMPLOYMENT BUSINESS OR USING A BUSINESS BANK ACCOUNT INSTEAD.

Within minutes, you could have a free sole trader bank account.
a simple, few-minute process for opening an account. No complicated paperwork, no waiting, no need to go to a branch. No credit check is required With a straightforward in-app application and no monthly costs, start working right away.

Opening a Tide business account can save you a huge amount of time and money. Did you know? UK freelancers, self- employed, sole traders, contractors, restaurants/ takeaways, market traders, taxi drivers etc. spend at least 15 days annually, sorting business expenses from their personal account. Save your valuable time and money when you set up your new Tide business bank account for self-employed income.

 You will have access to the Tide FSCS business financial platform. It's unlikely that a bank will accept a request for business-related lending with a personal bank account.

Plus, no more misclaimed expenses.Free invoicing software with the Tide business bank account app will provide you with greater clarity.

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TIDE BUSINESS BANK ACCOUNT, WITH £100 CASH-BACK AND NO MONTHLY FEES. NO CREDIT CHECKS. 

Within five minutes, you can open an online business bank account. 

Tide business bank accounts are tailored to your specific needs. Taking administration off your plate and giving you back your valuable time. This is one of the reasons we've teamed up with Tide. We believe that everyone should be given the best possible start, which is why we do not require credit checks to open a business bank account. Begin now. Open a free business bank account right now. 
Don't forget to use our promo code OAKTREEBSP to get £100 Cashback. Please share this with your family and friends. Oaktree loves, supporting sole traders and small businesses.

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To experience the greatest app-based banking, open a Tide sole trader account right now.

Start your application

ABOVE AND BEYOND

Get straight to business today with a simple in-app application and no monthly fees plus £100 Cashback on us to give you the best start

No fussy forms

TRULY TOP-NOTCH

No Waiting Around

NO NEED TO VISIT  A BRANCH

Free invoicing Built Into The App

OUTSTANDING QUALITY

No Credit Checks

FSCS YOU'R MONEY IS SAFE

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"Your job is to discover the world and then with all your heart give yourself to it"

BUDDHA

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Open business bank account for sole traders no fees

APPLY IN MINUTES FOR FREE 
USE YOUR SMART DEVICE 📱TO OPEN AN ACCOUNT
SIMPLY TAKE A PICTURE OF YOUR ID

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Best Business bank account for self-employed, or sole traders UK

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Help Center

HERE TO HELP

Because our company is built on providing professional advice and solutions, we get a lot of questions from clients. Check out some of our most frequently asked questions below. If you cannot find the answer you seek, please let us know and we will locate it for you. Every question is important to us, so please do not hesitate to contact us.

Why use a sole traders business bank account?

There are several obvious advantages to opening a separate business bank account. 

You may be required to open a business account - Many high-street banks will not allow you to use your existing personal bank account for business banking, depending on the size and scope of your business. Check the terms and conditions if you are using your personal bank account for business purposes, as banks may require you to stop and even close your account if you continue. Banks will look for a high volume of transactions and a large number of over-the-counter cash and cheque deposits as indications that you're using a personal account for business purposes.

Clarification for HMRC annual returns - For tax purposes, a sole trader's business and personal income are treated as one. However, allowable expenses such as equipment, travel, and salaries can be deducted from your income. With everything in your personal bank account, you'll need to go over every transaction carefully to identify those that are related to your business. With a business bank account, you can see all of your business income and expenses in one place, making it easier to complete your tax return. 

Keeping track of cashflow - Separate sole trader bank accounts make it simpler to track your company's cash flow. When you've been paid or have paid suppliers, you can see how much cash the business has. It can be challenging to see if your business is about to run into cashflow problems if your business finances are mixed up with your personal finances. 

Your company is expanding - Your company may be growing and you're making a lot of deposits or paying in cash on a regular basis. Additional costs, such as PAYE staff costs and payments to HMRC, indicate that a tide business bank account for a sole trader is a better option. 

You're thinking about forming a limited company - Limited companies are required by law to maintain a business account. 

It appears professional - If you do business with other companies, a business bank account will appear more professional.

What do I need to open a business bank account as a sole trader?

UK-based sole traders and freelancers with a valid UK residential address who are registered with HMRC are eligible for a Sole Trader account.
You will need to be aged 18 or above, have a valid UK phone number, and hold a device registered to a UK App or Google Play store.

Is it a legal requirement to have a business bank account as a sole trader?

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Not legally, no – alternatively you would benefit from the Tide business bank account. Your bank may even have a clause in its contract which restricts you from depositing income outside of personal use.

HMRC will also need to see how much money your business account has made. If it has become somehow mixed up with your personal account, it will be difficult to accurately ascertain not only your earnings but also any allowable expenses you may wish to claim.

Can a sole trader use a personal bank account?

A sole trader can use a personal bank account, but setting up a business account can have a number of benefits. It helps you look more professional, allowing you to provide your company name for the account on any invoices.

Which business bank account is best for sole traders, or self-employed

At Oaktree, we explored other business bank account partnership opportunities and decided to partner with tide business bank account as we believe they are the best for self employed and small business. offering more than other banking platform.

We are so convinced that you are going to love your new Tide business bank account that we will give you £100 Cashback to give you the best start.


Don't Forget use the exclusive promo code:OAKTREEBSP

To benefit from the £100 cash back reward, make sure to credit your new Tide account with a minimum of £1 within 3 months of opening the account.

Can I apply if I’m not a UK citizen?

Yes! You must, however, have a residential address in the UK. As long as they are directors of a business listed with UK Companies House, applicants who are not based in the UK may apply for a business bank account. In some circumstances, tide may need to carry out further verifications before processing your application.
Don't forget that in order to download Tide, you must set your App or Google Play store to the UK.

Due to a disability, I am unable to open a bank account using the Tide app or website as usual. What other option are there?

To assist you with opening your new tide business bank account, we can arrange to come to your location and meet with you in person.
We love hearing about the successes of the disabled entrepreneurs who receive support from Oaktree's business networks.

Our disability support team, who may themselves have a disability, works to make sure that business owners are not adversely affected by their illness, disability, or specific learning difficulty and offers guidance on the free resources available.

To schedule a free business consultation, give us a call at 0330 175 9933 or send us a WhatsApp message using the same number. As you start to build your business or have one that is currently operating in the market, you'll want to stay current on industry developments.

How do I make a cash deposit?

You may deposit cash at more than 40,000 sites throughout the UK thanks to the partnership with both the Post Office and PayPoint!

Here's how to deposit money:
Locate the Post Office or PayPoint closest to you.
Tell them you want to load money on your Tide card.
Give the cash you want to deposit together with your Tide card.
Your card will be swiped, and you will receive a receipt.
Transaction Times

Within a few minutes, your Tide account will be credited with any Post Office deposits.

After roughly 10 minutes, PayPoint deposits will become visible in your account.

How do I make a cash deposit?
You can deposit cash at over 40,000 locations in the UK because we've partnered with the Post Office and PayPoint!

Fees and Limits

For deposits up to £500, the Post Office charges £2.50.
For deposits of more than £500, 0.5% of the cash deposit amount is applied.
PayPoint charges a 3% fee on the total deposit amount.

You can make monthly cash deposits of up to £25,000 and yearly deposits of up to £300,000 at the Post Office (subject to transaction limits controlled by Post Office branches). Other currencies are not currently supported.

Every day, you can deposit between £10 and £500 at PayPoint locations. Other currencies are not currently supported.

At the time of deposit, the fee is deducted automatically.

Can you provide me with a monthly statement?

Yes! On the fourth of the following month, you can download a statement.
Simply go to More > Transactions > Statements and select the months for which you want to download a statement.

If you can’t find your question above, get in touch with us - we’re happy to help.

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