Business banking for landlords?
Wanted to pick your brains on business banking.
I have 5 properties, one I live in and the other four let out.
My accountant has advised me to open a business bank account. Is this the right way forward?
I guess it may depend on strategy, mine is to hold the property’s long-term.
I guess business banking is just another monthly cost when you can use personal bank accounts for the same exercise, but for tax purposes I want to do the right thing.
Which business banking do you use?
Is there a specialist one for property management or would an online business bank do the job?
Thoughts please,
Many thanks in advance.
Paul
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Looking for guidance from experienced landlords
Member Since January 2011 - Comments: 12212 - Articles: 1406
6:18 PM, 20th June 2014, About 12 years ago
Reply to the comment left by “Mick Roberts” at “20/06/2014 – 17:59“:
Nothing more to tell really, just ask your bank if they offer that facility and if they don’t, find one that does.
.
Member Since August 2013 - Comments: 161
12:10 PM, 21st June 2014, About 12 years ago
If you’re a member of the Federation of Small Businesses, they have a deal with Coop for free business banking:
http://www.co-operativebank.co.uk/business/currentaccounts/fsb-current-accounts
Member Since March 2023 - Comments: 30
6:28 PM, 21st February 2024, About 2 years ago
Hi, I have just applied for a business LLP bank account to use for my buy to let portfolio with Starling – I saw on other posts Starling being recommended by other landlords but unfortunately they declined my account with the statement “This is because it falls outside the scope of businesses that we’re able to support.” even though I know some of you use them – what did I do wrong?…
Are there any other recommendations for other business accounts and how did you describe what your business does?…. I suspect that the person dealing with my account opening has completely misunderstood the business.
PS I told them that the LLP was setup to collect rent from my own rental properties and they kept asking for proof ownership for one of the properties which I did get from the land registry and send to them. (Was that normal for them to ask for this) – anyway account still refused – credit history good etc.
Any advice would be appreciated.
Thanks
Member Since May 2014 - Comments: 620
6:53 PM, 24th February 2024, About 2 years ago
I have a starling account and it was tricky to set up.
They are likely confusing you with a developer which is what happened to me.
I said that I refurbished my properties and they took some convincing that I was not a developer.
I sent them some redacted tenancy agreements and I had to send them proof of ownership for some properties.