Most people can get away with a single current account. Their wages drop in and they pay their bills, send some money off to savings and all is well.
Why then should a landlord have a separate bank account for their rental receipts and expenses? Well there are a few pretty good reasons.
The appointment of 5,000 new compliance officers means that HMRC will likely have a lot more time soon to carry our enquiries into taxpayers affairs. If they do enquire, and they ask for sight of your bank statements, it will be a much quicker and easier experience if you don’t have to explain every single transaction.
Also when MTD comes the software that links to your bank account will pull all transactions across and not just the relevant ones. That will make tracking in the software far more tedious than it needs to be.
If this wasn’t enough then if nothing else it means you will be able to keep track of whether you’re making any money by simply watching the bank balance!