MTD (Making Tax Digital) is on the horizon, and any business which has an annual income over the VAT threshold of £85,000 will be required to use cloud-based digital bookkeeping from April 2019. And this includes landlords, so there is a requirement to look for the best landlord accounting software for your business.
This added complexity for landlord account keeping can seem daunting. New regulations and rules come into play all the time, but Warr & Co have selected three cloud-based accounting solutions to recommend to our clients.
These online accounting services are ideal for use as landlord accounting software because they can digitally record all of your invoices, expenses and landlord income in one place. They will calculate your tax and VAT so that you always have a clear idea of your landlord business finances. And the best part is you can access them from anywhere with an internet, 3G or 4G connection. So your essential DIY expenses can be recorded immediately, you can see your tenants payments hit your account in real-time and view your profit/loss automatically.
A subscription to one of the three accounting solutions we promote is included in our landlord accounting package options, which we can’t recommend highly enough. For landlords who require accounting services for just a few properties we recommend our Landlord 1-5 package, and for those managing more properties we recommend Landlord 6-10. If you manage more than 10 properties, please contact us for a bespoke quote.
Of course, your Warr & Co landlord accountant will always be on-hand to advise you on any landlord accounting related queries, but we also regularly cover the latest landlord accounting news in our blog. Find the latest tax advice for landlords and updates below.