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Do I need a business account
elainej_3
Posts: 2 Newbie
Am planning to move in with my partner and rent out my house which has a buy to let mortgage on it - should I have a separate business account or just a separate normal account (i don't want to get all the house stuff mixed up with my normal bills etc).
Any advice greatly appreciated?
Elaine
Any advice greatly appreciated?
Elaine
0
Comments
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Hi elaine you do not need a business account but I would have a seperate account for the rent to be paid into then you have a record of transactions that is easy to follow.
You just declare your rental Profit on the land and property section of your self assesment.
Personel accounts do not atract charges ( normally) that business accounts do and if you are not a registered business you would not get one. Money laundering act etc.
Hope this answers your question.Debts as of 01/june/08
[strike]Dad 15,500[/strike] [strike]11,000[/strike] [STRIKE]9000[/STRIKE]
[strike]Friend[/strike] [STRIKE]5000[/STRIKE]
[strike]Other 1000[/strike] 0.0
Egg [strike]7633.14[/strike] [strike]6000@0%[/strike]:T0
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