Although separate business bank accounts are not mandatory by law they remain a strongly advised practice. A business account enables clearer financial boundaries between business funds and personal expenses which simplifies tax preparation work. A dedicated business bank account adds both professional quality and credibility to client interactions. Regulations exist in nations that use LLCs and other business entities to require distinct banking accounts for operational separation. Guests who maintain clear books of accounting activities can both track income and record expenses efficiently and secure their tax deductions while staying safeguarded from audit events and financial difficulties. Banks commonly provide different banking solutions which match specific requirements of small businesses alongside freelancers.
Source: https://accbytes.com/blog/register-as-self-employed/
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