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. snapshot of a limited company's issued share capital at a given time. Private Companies limited by shares must complete a statement of capital and initial shareholdings as part of the application to incorporate. Tide will automatically create a statement of capital for you when you register your company through our service.