No-fuss finances for the self-employed

No, for many freelancers and sole proprietors – especially independent contractors – there is no legal obligation to maintain a business account separate to their personal bank account. However, it is strongly recommended to keep personal and business finances separate to promote financial clarity.

One separate business account can be useful as it allows entrepreneurs to set up sub-accounts for reserves, taxes, or project budgets to better manage liquidity and plan expenses. With Qonto, these sub-accounts come with their own, local IBANs.

Business accounts can be more expensive than personal banking accounts, but they offer features tailored to business needs – like tools for accounting, invoicing, or integrations with tax advisors.

In practice, this is possible but not recommended. Many banks explicitly prohibit the commercial use of personal accounts in their terms and conditions. A business account also helps make accounting and tax filing significantly more efficient.

Yes, the fees for a business account are considered operating expenses and can be declared on your tax return and deducted from your taxable income, therefore reducing your tax burden.

Without a separate business account, personal and business payments can easily get mixed up – not only creating confusion but also complicating accounting.