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Do I need a business account as a sole trader?

It’s not a legal requirement to have a business account as a sole trader, and you can legally use any account. However, it’s highly advised for accounting and tax purposes to separate your business and personal finances.

  • Unique Tax Reference (UTR) in the UK;

  • Social Security Number (SSN) for individuals and the Employer Identification Number (EIN) for most entities in the US;

  • SIREN in France; or

  • NIP/PESEL in Poland.

The OECD website can be consulted for further details about the TIN or its equivalent.

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