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.
Thereâs doesnât look to be anything that excludes you.
The eligibility page lists lots of industries it excludes. Below that the paragraph states that if you donât see yours in the list to just apply
It looks to me like a no.
Judging from the eligibility page, youâd 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 isnât self-employmentâŠ).
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 itâs a no too.
Blockquote You can apply for an account if youâre a sole trader, or the director of a registered limited company by shares (Ltd)
You arenât either of these things I wouldnât think. I doubt youâd be eligible for any business account.
Itâs always worth double-checking by asking in Monzo chat using your personal account.
Probably not the best idea as theyâll say they are not the business team and just to apply anyway.
Surely, theyâd just pass them on to a member of the business team or tell them to apply anyway.
But I agree with @Revels - itâs worth just applying.
Use a Starling Business account. Itâs what I use to separate my Rent A Room income (though I donât meet the tax threshold on that yet).
Starling specify a âside hustleâ as a legitimate business.
Yeah get a starling account. They also offer multiple accounts if you have more than one business oh and itâs free⊠Please Monzo sort it out
Monzo is free too
Either way I would imagine the OP is sorted now and didnât need this advice over 3 months later
Because clearly forums are intended for only the person raising the initial question and arenât read by othersđ€
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