UK business bank account checklist
Everything to have ready before you start an application — and what to set up in the first 30 days after the account opens — so your business banking starts clean.
Before you apply — sole traders
- Valid photo ID — UK passport or driving licence.
- UK residential address (used for the application; you can use a separate trading address).
- National Insurance number.
- UTR if HMRC has already issued one (not required to open the account).
- Trading name (optional) and a short description of what you do — useful for KYC.
- An idea of expected monthly turnover and main income sources.
Before you apply — limited companies
- Companies House number (if already incorporated). Tide can incorporate for you if not.
- Director details — full name, date of birth, residential address — for each director.
- PSC (person with significant control) details, usually the same as directors.
- Photo ID for each director who'll have account access.
- Registered office address (your own, or use a registered-office service).
- Brief description of trading activity, expected turnover and main income sources.
- Any FCA / industry-specific authorisations if you operate in a regulated sector.
What might slow your application down
- Mismatched addresses between your ID, your application and the public Companies House record.
- Blurry or partial ID photos. Use natural light and frame the whole document.
- Higher-risk MCCs (gambling, crypto, adult, certain financial services) — be ready for follow-up questions.
- Complex ownership structures with overseas PSCs — usually approvable but slower.
First 24 hours after approval
- Set a strong unique password and enable biometric or 2FA app login.
- Activate your physical or virtual debit card and enable 3DS.
- Set notifications for every transaction — both inbound and outbound.
- If using REFER200: deposit £5,000 into Tide Instant Saver inside the 7-day window.
First week
- Update your invoicing details on existing client systems with the new sort code and account number.
- Redirect any standing orders and direct debits.
- Connect your accounting tool — Xero, QuickBooks or FreeAgent — and verify the data feed.
- Send a test invoice and confirm it lands and auto-matches.
First 30 days
- If using REFER200: complete £100 of Tide card spend across normal business expenses.
- Set up a tax / VAT pot in Instant Saver — automate a percentage of incoming payments.
- Categorise every transaction in the app — the auto-suggestions are usually right.
- Review which plan you're on against your actual transfer volume; downgrade or upgrade as needed.
Ongoing hygiene
- Never mix personal and business spend on the business card.
- Reconcile monthly — five minutes a month beats five hours in January.
- Keep digital copies of receipts attached to transactions (Tide lets you upload them in-app).
- Review FSCS exposure if your balance approaches £85,000 with any single provider.
Frequently asked questions
Do I need a UTR to open a sole trader account?+
No. You can open the account first and add your UTR later. You'll need it to file Self Assessment.
How long does approval take?+
Most sole traders are approved in minutes; limited companies usually within a working day. Manual review can extend that by 1–2 days.
Do I need a separate trading address?+
Not required. Many sole traders use their residential address. Limited companies need a registered office — your home is fine, or use a registered-office service to keep your home address off the public record.
What ID is acceptable?+
UK passport or UK driving licence is the cleanest. Some providers accept other government-issued photo ID — check before applying.
Can I apply if my address differs between Companies House and my ID?+
Yes, but expect manual review. Mismatched addresses are one of the most common reasons applications slow down. Update Companies House first if possible.
What if my business is in a higher-risk sector?+
Gambling, certain crypto, adult content and some regulated financial services often need additional documentation and may be declined. Be ready to explain what you do and provide supporting documents.
Do I need a business plan to open an account?+
No formal business plan, but a brief description of your trading activity, expected turnover and main income sources is part of every application.
When should I tell HMRC about the new business account?+
There's no requirement to tell HMRC about your business account directly, but the income flowing through it should be declared on Self Assessment or Corporation Tax returns as usual.
Should I open the account before or after registering with HMRC?+
Either order is fine. Many sole traders open the account first to keep finances separate from day one, then register for Self Assessment by the HMRC deadline.
Can I close my old personal account once the business account is set up?+
Don't rush. Keep it open for a few weeks after the new account is live to catch direct debits, standing orders and clients still using the old details.
Ready? Open Tide with REFER200
Use referral code REFER200 at sign-up to claim up to £200 cashback when you meet the qualifying steps.
Up to £200 cashback
Use referral code below when opening your Tide business account.
REFER200Up to £200 cashback. T&Cs apply. Tide determines account approval, eligibility and cashback validation. Last checked 16 June 2026.
Independent introducer disclosure: this site is not Tide and is not operated by Tide. If you sign up using our link or the code REFER200, we may receive a referral reward. Tide controls account approval, eligibility and cashback validation. This is not financial advice. Always check the latest Tide terms before applying. Last checked 16 June 2026.