I have a single property I rent out, I have to to tax self assessment because of this, Monzo Business I believe would make this a little easier for me. Am I eligible, it seems quite unclear looking at the website etc.
All you can do is apply and find out.
There’s doesn’t look to be anything that excludes you.
The eligibility page lists lots of industries it excludes. Below that the paragraph states that if you don’t see yours in the list to just apply
It looks to me like a no.
Judging from the eligibility page, you’d either need to have registered a ltd company which has a function in renting out the house, or registered yourself as self-employed (simply renting out a property isn’t self-employment…).
For a single house let privately, either would be more hassle than just getting a different personal account to manage finances related to your property.
Yea, issue is here I have to treat everything as a business, expenses, rent income, house related bills etc. For a single property as you said ltd or self employed would cause much more hassle than its worth
I am pretty certain it’s a no too.
Blockquote You can apply for an account if you’re a sole trader, or the director of a registered limited company by shares (Ltd)
You aren’t either of these things I wouldn’t think. I doubt you’d be eligible for any business account.
It’s always worth double-checking by asking in Monzo chat using your personal account.
Probably not the best idea as they’ll say they are not the business team and just to apply anyway.
Surely, they’d just pass them on to a member of the business team or tell them to apply anyway.
But I agree with @Revels - it’s worth just applying.
Use a Starling Business account. It’s what I use to separate my Rent A Room income (though I don’t meet the tax threshold on that yet).
Starling specify a “side hustle” as a legitimate business.