Business account for Sole Traders in the UK
The sole traders business account
Whatever stage your business is at, ANNA can help. It separates your personal and business money, handles invoicing and expenses, and does your taxes - in one easy-to-use account.
Why ANNA is best for sole traders
ANNA takes the stress out of running your business as a sole trader. You’ll never miss a tax deadline or have to chase an invoice again. It all just works in the background, so you can focus on what you do best
Clever invoicing
Create professional-looking invoices in minutes. If a payment’s late, ANNA even sends polite reminders for you.
No more missing receipts
Snap a photo of a receipt and ANNA automatically digitises and categorises it - no more lost receipts or messy shoeboxes.
Automated tax calculation
With ANNA +Taxes, you can calculate and file your return on the go – quick, clever, and totally fuss-free.
Let ANNA automatically handle your accounting and taxes
ANNA takes the stress out of tax season by calculating and filing your taxes to HMRC. From VAT Returns to MTD-ready Self Assessment, everything’s done in the background – accurately and on time.
Automated VAT returns
ANNA calculates your VAT Return based on your business activity whether you're on standard or flat rate. Just review and click to submit directly to HMRC.
Self Assessment for sole traders
Easily file your Income Tax Self Assessment. ANNA calculates your income from self employment based on your transactions, and you can easily add dividends, capital gains and pension contributions.
Never miss a tax deadline
With automated reminders, built-in filing, and 24/7 expert support, ANNA keeps you ahead of every tax deadline, and our friendly tax team is always ready to help.
Do I need a business bank account as a sole trader?
Legally, sole traders in the UK don’t need to have a separate business bank account.
However, having a dedicated business account helps to keep your business money in its own dedicated place, simplifies tax reporting, and looks more professional to customers.
If you want to set up a limited company, ANNA can help you as well - check out our company registration service.
ANNA business expense card
A card for your business
Opening an account only takes 10 minutes, and every ANNA business account comes with a Mastercard debit card – we pop it in the post as soon as you sign up.
Virtual business expense cards
You’ll get a virtual Mastercard debit card as soon as your ANNA account is open. You can start spending online or add it to your digital wallet straight away.
It meows, yes 🐱
Every time you use your ANNA debit card, it lets out a little miaow – yes, really. It’s our way of making business spending a bit more fun. Who said managing money had to be boring?
Use Apple Pay
Add your ANNA card to Apple Pay and make secure, contactless payments with your iPhone, Apple Watch or iPad. Whether you’re grabbing a coffee or buying supplies, it’s quick, easy, and you don’t even need to reach for your wallet.
Business account cashback
With your ANNA debit card, you can earn up to 40% cash back on over 150 products and services across the UK – including Vodafone, IKEA, Staples, JustPark, Decathlon, and many more.
Use Google Pay
Are you an Android user? You can link your ANNA card to Google Pay™ in seconds and start spending straight from your phone or smartwatch. It’s fast, safe, and perfect for when you’re out and about running your business.
Get paid online
The ANNA business account gives you a range of easy ways to get paid, online and offline
Payment link and QR code
Getting paid is easy with ANNA. You get your own personalised payment page with a link and QR code – perfect for sharing via WhatsApp or adding to your invoices.
Top up your account in cash
Lots of sole traders still use cash, so don’t worry - you can easily add cash to your ANNA business account at any of the thousands of PayPoints across the UK.
Instant payment notifications
Stay on top of your money with instant payment notifications from ANNA. You’ll get a heads-up the moment money comes in or goes out.
Money saving pots
Saving as a sole trader is easy with ANNA - you can create pots to set aside money for taxes, future plans, or unexpected costs. Choose manual transfers or let automatic top-ups build your savings in the background.
Send and receive international business payments
Send and receive payments globally with your ANNA business account. We support a wide range of currencies, making it easy to do business with customers and suppliers around the world. Check out our list of approved countries and supported currencies to get started.
Free Direct Debits
Set up Direct Debits for free, no matter what pricing plan you’re on. Payments are backed by the Direct Debit Guarantee, so you’re always protected.
Open Banking
Connect all your to ANNA and Open Banking so you can view everything in one place. See business expenses across accounts and make sure your taxes are calculated correctly.
Standing orders
Got regular payments to make? Schedule them in advance with ANNA. You’ll get a heads-up before anything goes out, giving you time to review or make changes if needed.
Loans for sole traders
From upgrading your equipment to growing your business, ANNA offers flexible credit options to help you move forward with confidence.
Who can open a business account?
We’ve made sure ANNA is suitable for most types of businesses that are legal in the UK, whether you are a sole trader or a limited company, you can get your business account up and running as fast and easily as possible.
Are you eligible to open a business account?
If you are registered as a sole trader in the UK and have a UTR number you’re most likely good to go. However, we don’t support certain types of businesses – like those involved in cryptocurrency, gambling, or anything listed on our prohibited activities list.
Turnover eligibility
We get it – one month you haven’t made any sales, the next you’re growing fast. Whether your business is still in starter mode or you’re about to onboard your first customer, there’s no minimum turnover required to open an account with us.
Transaction limit
To keep your account safe, we apply limits on things like card payments, ATM withdrawals, and bank transfers. These limits are designed to protect your money – not slow you down. If a legitimate transaction ever gets caught in the net, our team will work quickly to help sort it out. You can see the full list of account limits here.
Why ANNA is a smart choice for UK sole traders
Get started fast
Got your ID and proof of address? You can open an account in under 10 minutes – no stress.
Free up your time (and your headspace)
From sending invoices to tracking expenses, ANNA takes care of the admin so you can focus on growing your business.
Accounting that runs in the background
Our smart AI handles everyday bookkeeping, automatically sorting your transactions and making VAT, expenses and tax returns so much easier.
Invoices that chase themselves
Create and send professional-looking invoices in seconds. ANNA will even chase them up for you - because awkward payment emails shouldn't be your job.
Human help, 24/7
Need support with your account at 2am? Our team in Cardiff is here for you around the clock, and we usually reply in under a minute.
Loved by thousands of self-employed people all over UK
We’ve got a Trustpilot score of 4.2 - sole traders trust ANNA to keep things running behind the scenes.
How we compare to the best business bank accounts in the UK
Not sure which business bank account out there is best for you? We got you. In this guide we compare business bank accounts based on Trustpilot reviews, ratings, key features, and pricing to help you make an informed decision.
What does ANNA cost?
How to use the ANNA Money business account
How do I open a business account as a sole trader?
Here’s a step-by-step guide to opening a business account, including all the documents you’ll need.
Step 1
Sign up with your email or install the ANNA mobile app.
Step 2
Provide us with basic information about you and your business. You’ll need ID and proof of address, information about your business and your website or social media presence.
Step 3
We’ll check your documents and information; this usually takes a few minutes, but we might sometimes ask for more time.
Step 4
We open your account. You’re now ready to accept and send payments and order your ANNA card.
What do I need to open a business account as a sole trader?
There are some eligibility requirements to open a business account with ANNA. We’ll need to check the information and the documents you share with us. Here’s what you need and how you can speed things up.
Photo ID and proof of address
We’ll need a photo of your full driving licence or a photo of your valid passport.
Take the photo on a flat, clear surface and make sure all four corners of the ID can be seen.
If you don’t have a driving licence or a valid passport, you can take a recent photo of yourself to either your bank, solicitor, or accountant to get it certified. To verify your address we might ask for a utility bill, council tax bill or bank statement. They should be dated within the last three months.
Tell us what you do
To set up your ANNA account, we’ll just need a few basic details about your business, like what you do and how you earn your income. It’s quick, straightforward, and helps us tailor the account to fit your needs perfectly.
Award winning 24/7 support
Need help opening your sole trader business account?
In case you run into any trouble during your account opening process, don’t hesitate to ask questions in the app chat, or email us directly at help@anna.money – we’ll get you sorted in no time.
Our award-winning support team is available 24/7 and will be happy to help you.
Sign up in less than 10 minutes
Sign up in less than 10 minutes
Frequently asked questions
What bank account do I need as a sole trader?
If you’re running a business as a sole trader, it is recommended to have a separate business bank account for it.
Can a sole trader use a personal bank account?
Yes – a sole trader can legally use a personal bank account for their business finances in the UK. Unlike limited companies, sole traders are not required by law to open a separate business account. However, while it’s allowed, it’s not recommended for several key reasons – it helps keep your finances organised, simplifies tax filing, looks more professional to clients, gives access to useful business tools, and makes it easier to apply for business credit.
Can I apply from outside the UK?
Yes, you can apply from outside the UK, however, you must be a UK resident.
Do you have credit checks?
Sometimes we run checks to verify the info you’ve given us – just to make sure everything’s above board. This might include a soft credit check, which leaves a little footprint on your credit file but won’t affect your credit score.
How long does it take to open an ANNA business account?
ANNA business account can be opened in less than 10 minutes.
How do I pay money into my account?
You can top up your account with a bank transfer, through Open Banking or with cash from thousands of the Pay Points around the UK.
Can I pay cheques into my ANNA account?
Nope, we don’t take cheques right now. Bit old-school for us. But if that changes, you’ll be the first to know.
What is Open Banking?
Open Banking is a secure system that allows you to connect your bank accounts and share financial data with authorised third-party providers – like ANNA – to get better control and visibility over your money.
Can I have an IBAN to receive foreign payments?
Yes, with ANNA you will have an IBAN number for receiving international payments.
Is ANNA a fully regulated UK bank?
No, ANNA isn’t a bank. We’re a financial services provider working under the e-money license of our partner Railsr. E-money accounts are protected by the FCA (the Financial Conduct Authority) but not by the FSCS. But that doesn’t mean your money isn’t protected. Here’s (https://anna.money/blog/guides/what-is-fscs-protection/) how e-money and payment services providers are required to protect their customers’ funds.
Are ANNA business accounts protected?
Yes, ANNA business accounts are protected through a system called Safeguarding. Your money is held in a separate account that the bank, the e-money provider, or ANNA can’t touch – unless you instruct us to. It’s not loaned out or invested, just safely set aside and ready when you need it.
What age do I have to be to open a Business Account?
To open ANNA business account you have to be at least 18 years old.
Can I get an overdraft?
Nope – we don’t do overdrafts at the moment. Your ANNA account’s all about keeping things in the black, not dipping into the red.