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Business Account??

starM
starM Posts: 1,464 Forumite
in Budgeting & bank accounts
Hi, I have a property rented out. I am registered for SA to pay my tax.


Now income from property its just a few transactions in a month e.g rent, mortgage, BI and possible some other expenses when required.


Does it still require a Business Account?


Thanks
MS

Comments

  • TheTracker
    TheTracker Posts: 1,223 Forumite
    1,000 Posts Combo Breaker
    No it doesnt
  • dr_adidas01
    dr_adidas01 Posts: 2,158 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    starM wrote: »
    Hi, I have a property rented out. I am registered for SA to pay my tax.


    Now income from property its just a few transactions in a month e.g rent, mortgage, BI and possible some other expenses when required.


    Does it still require a Business Account?


    Thanks
    MS


    Are you running the renting out of your house as a business?

    If you are then you will probably have to open a business account, as your bank won't take very kindly to using a personal account as a business account.

    If your not renting your house as a business then no you can use your personal bank account.
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • starM
    starM Posts: 1,464 Forumite
    I did ask this question to bank staff. They said I cannot use personal account for rental income as that is classed as business.
  • TheTracker
    TheTracker Posts: 1,223 Forumite
    1,000 Posts Combo Breaker
    starM wrote: »
    I did ask this question to bank staff. They said I cannot use personal account for rental income as that is classed as business.

    I'd change banks. And I wouldn't ask the bank such a question which is none of their business, so to speak.
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