Packaged bank account costs?
4:45 PM, 20th February 2017, 9 years ago
5
Categories:
I’d imagine there’s a really obvious answer to this question, but, I have a separate bank account just for a rental property I have.
If I change this account to a packaged bank account for £10 a month. (that gives me travel insurance, breakdown cover etc)
Can I offset this £10 against the rental income as a legitimate cost?
Thanks
James
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
or
Previous Article
Straw poll on Mortgage renewal options?
Member Since February 2011 - Comments: 3453 - Articles: 286
4:46 PM, 20th February 2017, About 9 years ago
Hi James,
If it is a personal account and not a business bank account then I think you would have to prove the benefits were not for your personal use.
Please do ask your accountant though.
Member Since June 2013 - Comments: 1121
7:59 PM, 20th February 2017, About 9 years ago
The question that will be asked is “is the account ( and its benefits) wholly and exclusively used for the purposes of the business”
If yes – it can be claimed.
If no – well some of it can and some of it can’t.
But to be honest it’s such a small amount I don’t think HMRC would be investigating you on it!
Member Since July 2015 - Comments: 344
10:56 PM, 20th February 2017, About 9 years ago
Technically not tax deductible but I doubt you would get picked up for tax evasion on it.
Member Since April 2017 - Comments: 6
2:51 PM, 7th August 2017, About 9 years ago
Hi there, I sort of stumbled onto this page as I was looking for some advice on what to do about being mis-sold a packaged bank account (my husband has only recently found out that he was mis-sold one a few years ago). I don’t know if anyone will be able to help me but I thought I might as well ask on the off chance! I was basically wondering (as stupid a question as this may sound) – how exactly are we supposed to go about making a claim back for it? I’ve read lots of conflicting advice on the subject and it’s really thrown both myself and my husband. Are we better making the claims ourselves or going through a company? I was reading an article about a business called EMCAS has anyone heard of them? Would they be the type of company we should be going through? We’re really at sea here so any advice anyone could offer us would be fantastic.
Member Since April 2014 - Comments: 460 - Articles: 1
11:37 AM, 9th August 2017, About 9 years ago
Reply to the comment left by Isabel Stone at 07/08/2017 – 14:51Mis sold bank accounts is big business. As big as PPI, so hundreds of claims companies are getting in on the act. You don’t need to use a third party, who may well take 30% of any compensation you receive. Just contact the bank direct and ask for their forms and process.