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Bank account for property rental?
Comments
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Bigwheels1111 said:Another vote for First Direct, used it for my rental income for 9.5 year.
They never questioned it, income was marked/ referenced as rent.Mr.Generous said:have a look at Chase and Monzo
Monzo do business accounts.1 -
danny13579 said:Bigwheels1111 said:Another vote for First Direct, used it for my rental income for 9.5 year.
They never questioned it, income was marked/ referenced as rent.Mr.Generous said:have a look at Chase and Monzo
Monzo do business accounts.
All I said was I used FD and never had any issues.
The way banks are now banking birthday money can get your account locked.0 -
Many who let property don't consider themselves to be running a business and just view it as investment income.0
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london1973 said:PRAISETHESUN said:Any bank will probably do, unless you are running a proper property rental business and require a proper business account. Any reason you can't open a second current account with whoever you currently bank with?
one of the issues i have is sending my personal bank details to renters, i think it looks unprofessional and a bit dodgy frankly!
Every holiday let we have used over the years booked direct has been in owners name. No worries about that. Unless you want to set up a company, that's the way it is.
But be careful with personal accounts. They can & will be shut if they think you are running a business. So better to speak to bank about your situation & get their advice 👍Life in the slow lane0 -
Starling Sole Trader account, get's my vote.Quick and easy to set-up.0
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london1973 said:i have a holiday property which i rent and i would like a separate account for this in order to keep things tidy and separate, and look a bit more professional0
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