Business Bank Accounts

One of my clients came to me during the week with a questions as they were looking for some advice on business bank accounts. They had two buy to let's and one holiday let. All three of them are on the correct product mortgages in our personal names, the holiday let is registered as commercial property. They were running these out of a standard personal bank account. In early 2021 (in scotland) it may be possible to claim a Scottish government grant for the holiday home, however they think one of the criterias will be to have a business bank account. We took a quick look at accounts on the Web and all of them require a limited liability partnership, so they got a little lost. Should they just create one with no assets or are they expected to move the property under the LLP, and do a different tax return?

Most banks will open accounts for unlimited partnerships however a lot of the high street banks aren’t currently taking on new customers. Your best bet is to open one with an online provider and switch later on if you want to. Take a look at startling, monzo, tide etc Good luck with the search, not a great time to be looking with most banks closing their doors. I would imagine once bounce back ends high street banks will resume opening accounts

These are common questions that people worry about and we helped this couple by telling them that it was perfectably acceptable to just open a business bank account to cater for limited companies. Many people just get worred avbout what are actually simple issues which can easily be dealt with.