11:31 AM, 11th November 2013, About 8 years ago 4
I have a separate bank account to receive rent and pay expenses for my property portfolio (80+ properties).
Up until now my have just used a second current account with my bank. Everything has been fine for over six years but last week I got a letter from the bank saying that I’m using the account for business purposes and they are giving me one months notice before they close the account down.
I have rang the manager at my branch and explained that I did tell the staff at the branch when I opened the account that it was to keep our rental income separate from our personal expenditure etc. He said there were too many properties and this is a business.
We have a business for which we have a business account with another bank.
These are investments as far as HMRC, my account and I are concerned so I was just wondering what anyone else with a larger portfolio did?
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