What are the advantages and disadvantages to running a business bank account for a holiday let? Up until now I have just used a separate personal account but it’s a bit clunky and complicated to set up new payments etc. I’ve been planning to change it for a while and I notice that Starling offer a business account with no charges.
Any reasons I shouldn’t go for it? Is it harder to go back to a personal account later if I want to for whatever reason for instance? Does it change the nature of my ‘business’ at all, which I think of more as a second home which I let out occasionally to help cover the costs rather than a ‘proper’ business.
Uk Business bank account
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You can use whichever bank account you wish. Your bank may identify that you are using a personal account for business use and insist you upgrade and start paying charges.
Some banks offer free banking for limited periods but it will depend on what you require. I guess an easy online experience perhaps?
Some banks offer free banking for limited periods but it will depend on what you require. I guess an easy online experience perhaps?
MG
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You only legally need a business account if you are trading as a LTD company, partnership or VAT registered. Business bank accounts are not mandatory but banks will push you to make it a bank account.
My bank try every year, i say no, they threaten to close my accounts, i say ok then, they've never done it yet after nearly 23yrs!!
My bank try every year, i say no, they threaten to close my accounts, i say ok then, they've never done it yet after nearly 23yrs!!
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- Location: Wales
Re: Uk Business bank account
This is really interesting. I'm with Barclays just because they were the nearest but after the first 12mths the charges are around £100 a year plus a credit card that was free for 12mths but now something like £20 a year just for having it and has a high APR rate.Gettingthere wrote:I notice that Starling offer a business account with no charges.
So yeah time to look into this further I think, thanks for the info