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Hello,
A new client intends to start a holiday letting agency as a sole trader. A neighbour's flat will be his first of several commissions and he intends to let out his own flat too.
Apart from recommending two separate bank accounts - for client funds, deposits etc and one for his own business finances - are there any other aspects or wrinkles of that business that I might do well to think about? I would like to be able to advise him on getting his money flows 100% right from the word go - it will help me as well as him.
One question arises immediately: would it be best to treat (the income from letting) his own flat separately from those he doesn't own but charges an agency commission on?
If anyone has any advice, many thanks.
Andrew
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