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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)
Travel costs to and from your properties for lettings or meetings
Buildings and contents insurance
Rent insurance (if you claim the income will need to be declared)
Legal fees relating to eviction
How can Sage One help you?
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
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:
There are lots of brilliant accounting solutions on the market, so how can you decide which one will work best for your business?
The first thing you need to decide is what features you need:
Automated payments – PayPal etc
Access – Apps, Devices, Mac’s
Don’t pay for things you don’t need!
As your business grows, will the software grow with you
Can you add users
Can you set access levels
Are there upgrade products
Can you add in other products (Apps) such as scanned receipts
How much does it cost? Normally working with an accountant will reduce the overall cost and provide a package deal
Monthly Software Subscription
Book Keeping Costs
Ask for Help
Just because you have cloud based software it doesn’t mean you won’t need an accountant! you might think you don’t need help but an accountant will help you choose the right VAT Scheme, claim tax reliefs and comply with reporting requirements.
When you start a business its because you have a skill or product that clients want and most small businesses put off the accounting because they find it boring, time consuming and unproductive. This often causes huge problems with tax, cash and business management.
What if it wasn’t boring, what if it was easy and quick to do?
Apps for invoicing
Available every where all the time on all your devices
Automatic bank feeds to reduce data entry
Dashboards of key data
Easy access for you and your accountant
That’s why cloud accounting systems are the future. Take a look at this infographic produced by Sage.
Obi Wan Kanobi might not be you’re only hope, cloud accounting could save your business.