Can sole traders apply for Capital on Tap?

Capital on Tap currently accepts eligible UK incorporated companies, not sole traders. Understand the company, director and referral-bonus requirements.

Checked 5 Sept 2026

T&Cs apply · Referral link — we may receive a reward if you sign up.

The current answer

No. Capital on Tap’s current UK eligibility covers private limited companies, LLPs and PLCs. Sole traders and ordinary partnerships are not on that list. If an older page describes a sole-trader application route, do not assume it is still available. The current provider eligibility check takes precedence.

Self-employed is not a company type

Two people can both describe themselves as self-employed but operate differently. Someone invoicing personally as a sole trader does not have the same business structure as a director invoicing through a limited company. Check the actual legal entity applying for the card; being a freelancer, contractor or consultant does not settle eligibility.

What an eligible director needs to check

  • The company is registered in the UK and active on Companies House.
  • The applicant is a UK-resident active director or owns at least 25% of the business.
  • The company and applicant satisfy the credit and industry criteria.
  • The applicant understands the personal guarantee and offered borrowing terms.

No minimum trading history is stated in the current eligibility FAQ. This is permission to apply, not a promise of approval.

Does a newly formed company qualify for the £75 referral?

General card eligibility and reward eligibility are separate. The published referral terms still specify at least £24,000 annual turnover and a business that has not held a Capital on Tap account before. They also require approval and a qualifying transaction within 30 days of activation. Ask the provider about any unclear eligibility before relying on a reward; do not infer that a newly incorporated company automatically qualifies.

Why incorporating just for a reward is not a useful shortcut

A company brings continuing administration and a separate legal structure. A one-off joining reward does not establish that changing structure is suitable for your business. If you already run an eligible company and want to assess the card, compare ongoing rewards with costs using the cashback calculation below.

The next step if your company qualifies

Use the Capital on Tap £75 referral link and code; the invitation pre-fills 2REFT624A83 in the application. For ongoing spending, see limited-company cashback examples and the Pro break-even calculation. We may receive a referral reward if you qualify.

Sources and scope

Checked 5 September 2026: current card eligibility FAQ, eligibility guide and referral programme terms. We inspected the invitation and pre-filled application field but did not submit an application or test an approval.