A Guide from an Influencer Accountant
As an influencer, content creator, or OnlyFans entrepreneur, you might wonder whether you need a business bank account—especially if you’re a sole trader rather than a limited company.
While it’s not legally required for all influencers, having a separate business account can make managing your money, taxes, and brand finances much easier. Let’s break down the pros, cons, and whether you should open one.
1. Do Influencers Need a Business Bank Account?
✅ Limited Company? Yes, generally you must have a business account—your business is a separate legal entity.
✅ Sole Trader? No, it’s not legally required, but it’s highly recommended.
Even if you’re a sole trader, separating personal and business transactions helps with tracking income, managing expenses, and tax reporting.
2. Benefits of a Business Bank Account for Influencers
🔹 Easier Tax & Accounting
Having all influencer earnings and expenses in one place makes tax season stress-free. No more digging through personal transactions to find business expenses!
🔹 Looks More Professional
Brands and agencies prefer paying invoices to a business account, and it makes you look more credible.
🔹 Simplifies VAT & HMRC Compliance
If you’re VAT-registered, a business account makes tracking VAT easier and avoids mistakes that could trigger an HMRC audit.
🔹 Improved Financial Control
You can easily track profits, set aside money for taxes, and budget for business expenses like editing software, marketing, or equipment upgrades.
🔹 Business Banking Perks
Some business accounts offer features like invoicing tools, cashback, and accounting software integration.
3. What to Look for in a Business Bank Account
When choosing a business bank account, consider:
✔️ Low or no fees – Some banks charge monthly fees, but fintech options like Starling or Monzo offer free accounts.
✔️ Easy online banking – Look for good mobile apps and integrations with accounting software (like Xero or QuickBooks).
✔️ Multi-currency options – If you get paid in USD (YouTube, OnlyFans) or EUR (brand deals), a Wise or Revolut account can help save on exchange fees.
✔️ Card & payment support – Some banks offer virtual cards or fee-free spending abroad, which is useful for influencers who travel.
4. Best Business Bank Accounts for UK Influencers (2024)
⭐ Starling Bank – Free account, great mobile app, and integrates with accounting software.
⭐ Monzo Business – Free and paid plans with expense tracking tools.
⭐ Revolut Business – Best for international payments and multi-currency support.
⭐ Tide – Quick setup and low fees, great for freelancers.
⭐ Wise Business – Good for creators who earn in multiple currencies.
💡 Tip: Some banks offer free trials or switching bonuses, so shop around for the best deal!
5. Can You Use a Personal Account for Business?
If you’re a sole trader, you can use a personal account, but you shouldn’t because:
🚨 It’s harder to track income and expenses.
🚨 Mixing personal & business money can trigger HMRC audits.
🚨 Banks can freeze personal accounts used for business transactions.
If you’re serious about your influencer business, a business bank account is the smarter choice.
6. Should You Open a Business Account?
✅ YES, if:
- You’re a limited company (it’s legally required).
- You want clearer finances and easier tax filing.
- You earn enough to separate personal & business money.
- You want to look more professional when working with brands.
❌ MAYBE NOT, if:
- You’re a small creator just starting out and earning under £1,000.
- You don’t mind sorting personal transactions for tax returns.
Final Thoughts: Keep Your Influencer Finances Simple 🚀
A business bank account makes life easier—from managing tax and expenses to looking professional with brands.
📩 Need help setting up your influencer finances? Work with an influencer accountant today!