What type of bank account do i need for rent payments?

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    What type of bank account do i need for rent payments?

    basically i've bought a house and renting out the bedrooms (owner occupier)

    but i have no idea on how to take the payments.

    my tennants said they can pay either cash or cheque each month or even direct debit.

    do i need to setup a new current account with a bank to deposit those payments? and should i also setup the gas,water and elec bills to come out from the same account?

    and do i need to pay tax etc?

    sorry if everything sounds abit jumbled. but this is my first property and would really appreciate any advice.....thank you

    #2
    Originally posted by patrickyuis View Post
    basically i've bought a house and renting out the bedrooms (owner occupier)
    So are they tenants, or lodgers?

    but i have no idea on how to take the payments.
    Wow, I wish my landlord was like you. Taking payments is the one thing they're good at.

    my tennants said they can pay either cash or cheque each month or even direct debit.
    They sound very accommodating.

    do i need to setup a new current account with a bank to deposit those payments?
    It's your money, you can do what you want with it! If you are really stuck for ideas, I have a bank account you could deposit them in.

    and should i also setup the gas,water and elec bills to come out from the same account?
    Again, it's your choice how you pay your bills.

    and do i need to pay tax etc?
    Yes, you will need to pay tax. You also need to get a gas inspection and give a copy to each tenant, ensure electrics are safe, deal with deposits, credit check tenants, perform inventory, write tenancy agreement. I'm sure others will tell you what I've missed. Sorry if you've done some/all of these already.

    but this is my first property and would really appreciate any advice.....thank you
    I would have thought that you should have worked out how to take the money before you got the tenants/lodgers in...but maybe that's just me.

    Peter

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      #3
      Check out these links....
      http://www.landlordzone.co.uk/guide_to_letting.htm

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