Focus on Your Property, Not Your Self Assessment
The more locations you lease as a landlord or property manager, the more bills, administrative responsibilities and maintenance issues you’ll have to be prepared for. The last thing you need is a highly complex rental property tax return to grapple with too.
Utilising trustworthy tax calculation and payment software can really make a difference to land and property managers, reducing paperwork and removing pressure from an already time-consuming profession.
Luckily, entering all your earnings and expenses into GoSimpleTax is a doddle. The tax software will help you work out your annual rental income as well as your taxable income, doing the legwork for you while you relax a little, look after your tenants and focus on building your portfolio.
Carry GoSimpleTax around with you in mobile app form for use when you’re travelling between residential properties, and rely on its trusty notifications, tips and advice, to let you know if and how, you could be paying less tax per annum.
Join over 33,000 users who use GoSimpleTax to submit their tax returns every year.
Take the stress out of submitting your self assessment tax return
Our easy to follow landlord accounting software speeds up the tax return process by keeping your previous years submissions.
GoSimpleTax shares tips and advises you on additional claimable expenses that you may not have been aware of so you can save money.
File your self assessment with ease, with our HMRC approved step-by-step approach to tax returns.
Our intuitive software automatically alerts you when you've missed something or made a mistake in your submission.
Recording Income and Expenses
Any income from rental property is taxable.
As a landlord, you must pay income tax on an ongoing basis any profit made from property rental.
In order to calculate the tax return correctly it’s a businesses responsibility to accurately record any financial transactions in alliance with the laws sent out by HMRC.
GoSimpleTax will help you:
• Establish the amount received from your tenants
• Establish how much money you need to spend in order to run your business successfully
• Record costs, income and expenses
With years of experience within the industry, GoSimpleTax knows the importance of recording your business and income and expenses and can help you do it efficiently.
Allowable Expenses & Landlord Tax Relief
As a landlord, it is inevitable that you’ll incur extra expenses.
The good news is that you’re able to reduce your tax bill by claiming these additional expenses back.
However, the rules can be quite complex and businesses often don’t know what they can claim for.
GoSimpleTax shares tips which will help you identify the different allowable expenses you can receive by adhering to the “wholly and exclusively” rule.
This means you’ll receive prompts for additional claimable expenses you may have previously overlooked. This feature alone pays for the subscription for most users.
Click here to find out how to complete the SA105 tax return form.