Bank account business or personal?

[Shruti7]

Hello lovely people , 

I need some help please in deciding which bank account (personal or business) to open for air bnb hosting.

I have bought a 2 bed room flat property (100% on my name with no mortgage) that I want to air bnb , the entire flat.

This is fully furnished property (with all kitchen appliances, bed linen, wireless etc )

- I live with my husband in his other flat

- I already have a personal UK bank account. 

- I am not employed and a home maker

This is my first property on air bnb which I want to try.

My question  is : For payements do I set up a business bank account or open a new personal current account?

One bank I called advised that this will be a business and hence I should open a sole trader business account. I am not too sure of opening a business account as I really want to test the waters using air bnb. If my flat does not get enough bookings I will revert to renting out flat.

Hope makes sense but please can someone guide on which bank account to open.

Also do I need to go for Landlord registration in Scotland for air bnb?

Thanks in advance 🙂

Cheers

Shruti

I want

[Clara116]

@Shruti7Yes it is a business and you want to open a business account that is just for the rental. Even if you don't do it long you want to do it correctly. Keep all receipts and keep track of everything . It can be great fun and a really good thing if you understand the platform and how it works. The more you know the better. 

The more you can read and watch videos on youtube and learn about Airbnb the better. You will need to check with local business laws about rules and regulations. 

Happy Hosting, Clara

[Shruti7]

Thanks Clara & David - so much appreciate your response.

I have now started application for a sole trader business account. thanks.

Is anyone on this board local in UK, scotland specifically and is able to confirm if I will require landlord registration for letting out entire flat on air bnb.

Thanks a lot.

Shruti