Whether you choose to set up your property investment business as a Sole Trader, Partnership or Limited Company you will need to keep accounting records.
Landlords need to register for Self Assessment and companies need to file accounts and pay Corporation Tax.
You will need to keep track of the rental income and claim allowable expenses
- Mortgage or Loan Interest (but not capital)
- Repairs and maintenance (but not improvements)
- Decorating
- Gardening
- Cleaning
- Travel costs to and from your properties for lettings or meetings
- Advertising costs
- Agents fees
- Buildings and contents insurance
- Ground Rent
- Accountants Fees
- Rent insurance (if you claim the income will need to be declared)
- Legal fees relating to eviction
How can Sage One help you?
Rent Collection
Sage One is cloud based which means you can access your records 24/7 on any device but more than that you could invoice your tenants and put a pay now button on their invoice (using Sage Pay). Making it easier to pay and track rent will keep you in control.
Work with your accountant
Sage One has accountant access so your accountant can help you quickly resolve queries and provide advice, no more print out and back ups.
Budgeting and Planning
You can use the Sage One help plan your cash flow and Sage One has build in Cash flow Forecast based on supplier and tenant payments
Connected Bank Accounts
Sage One links to you bank account so you can always be up to date on rent collected
Multi User Access
As you business grows you can allow others to have access which you can control
Reporting
You could set up each property as a ‘Project’ and runs reports for each property or all properties. Here the analysis codes you can use:
| Type | Examples of use |
| Department | Sales divisions, regional sales. |
| Cost centre | Business locations. |
| Project | A specific property or planned work. |
You can also use Nominal Codes for analysis.
