Focus on Your Property, Not Your Self Assessment
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.
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 tax return to grapple with too.
Luckily, entering all your earnings and expenses into GoSimpleTax is a doddle. The software will help you work out your annual income as well as the tax you owe, doing the legwork for you while you relax a little and focus on building your portfolio.
Carry GoSimpleTax around with you in mobile app form for use when you’re travelling between properties, and rely on its trusty notifications to let you know if, and how, you could be paying less tax per annum.
Recording Income and Expenses
Any income from property is taxable.
Landlords must pay tax on any incoming profits of a property rental business.
In order to calculate the tax 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 customers
• Establish how much money you need to spend in order to run your business successfully
• Record both income and expenses
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 for Landlords
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 expenses back.
However, the rules can be quite complex and businesses often don’t know what they can claim for.
GoSimpleTax can help you ensure you identify the different allowable expenses you can claim by adhering to the “wholly and exclusively” rule.
GoSimpleTax is the quick and easy solution to managing all of your Self Assessment information. From just £30 per year, the software can save you an average of £240 per annum on fees – if used in place of an accountant.
There’s no need to second-guess the information as you enter it; the simple and intuitive interface includes Artificial Intelligence features that alert you when you’ve missed something or made a mistake; something that could otherwise earn you a hefty fine.
You don’t even need to splash out on a new device – GoSimpleTax is available on both iOS and Android. Remember to take your time as you decide whether GoSimpleTax is right for you.