Landlords, get receipt savvy for the new tax year

By Mike Parkes

With the new tax year upon us - it’s time for some of you to start getting into better habits to help ensure you only pay the tax that you owe and not a penny more.

Whilst small receipts for fixtures and fittings seem minor at the time, losing multiple receipts like these can accumulate to affect your tax bill in the long run.


Keeping, storing and filing receipts has to be one of the most tedious jobs for the self-employed and SMEs. And let’s face it, many of us are guilty of losing receipts (or putting them in the wash in our jeans pocket). But did you know that for every £100 of lost or damaged receipts you will lose around £29 in reclaimable tax? That figure soon adds up over the course of a year.

So, what can you do to be more receipt smart?


Scan receipts as you receive them

The new tax year starts today, presenting an opportunity for a fresh start in how you manage receipts.

Lots of self employed people and SMEs sit on paper receipts, allowing just a few receipts to become an out-of-control mountain. This can prove to be a paper-based nightmare when submission deadlines arise. Rooting through drawers, pockets and folders is the last thing you want to be doing for your self assessment tax return. It’s far better to go digital, choosing a platform that ideally scans and uploads receipts as you receive them.

2. Re-check every expense

Tax breaks on business expenses are vital for the self-employed and SMEs, so make sure you’re not missing out on what’s rightfully yours. It’s worth checking again to see what expenses are allowable.

Double check all your receipts and look back to HMRC’s expense claim guidelines to reveal where you could be claiming back money. Consider everything: hardware, office space, stationery and printing costs… there are dozens of avenues to a legal tax break, providing it helps your business succeed.

3. Use online software


There have been huge advances in technology, and the established financial institutions aren’t too happy about it. That’s because the hole an accountant might fill has been plugged with real-time, automated software.

https://www.landlordtoday.co.uk/breaking-news/2017/4/landlords-get-receipt-savvy-for-the-new-tax-year

Brand new letting app for landlords

A brand new DIY letting app designed specifically for independent landlords has been launched.

The Rentr app has been designed to give landlords total control, enabling you to manage all of the complex stages of the letting process with a user-friendly mobile application.

Rentr app, which is compliant with local and national regulations, has been designed to be efficient and save landlords time and money. It was created by Vik Tara and Adam Blaxter who have worked with Technology Blueprint Ltd, an industry leader in PropTech for over 20 years.

Blaxter, director, Rentr, said: “Letting and property management agencies have a range of software products and third-party professional services to draw upon: the agency space has a full ecosystem of standards and service-providers. We identified that the direct landlord space was not supplied with the kind of software services that are available to agents.

“We recognised that mobile technology could be used to take the pain of letting and managing a property away from direct landlords and their tenants. Mobile technology could connect direct landlords directly to their tenants via a mobile app: a single simple place to take care of their property.

“We created Rentr anew from the ground up: a well-designed piece of lettings and property management software, carefully built to capture all the process-flows and regulatory and administrative requirements of the UK private rental sector, delivered as a mobile app.”

Key features include:

+ Market your property: No need to write and post separate adverts on multiple sites when Rentr can feed your one advert out to them all. Create the text and images for your advert and market your property directly onto the Rentr website and Gumtree.com.

+ Book viewings: It’s easier than ever to arrange and manage viewing appointments. Plus monitor views and feedback on the property directly.

+ Manage referencing and deposit: Rentr gives you direct access to tenant referencing and records your mydeposits certificate number for easy reference.

+ Draw up contracts and sign: Rentr provides contract templates including clauses for mydeposits registration and gives you access to an electronic signature through DocuSignsaving your documents electronically, securely in one place.

+ Message tenants directly: Rentr connects you directly to your Tenants through the app. No more messing around with phonecalls, emails, and sms – all your communications can be logged by passing them through the Rentr app.

What’s more your tenants can also use the app:

+ Book viewings: Arrange property viewings online via the Rentr website or through the app.

+ Make an Application: Use the app to send the landlord all Tenant details and agree your terms.

+ Track referencing process: Receive updates and track throughout the process.

+ Sign Contracts: Review and sign Tenancy Agreements electronically.

+ Message landlords directly: Send direct messages to landlords via the app to arrange viewings, maintenance requests, contract queries, and so forth.

Get the app by clicking here. 

https://www.landlordtoday.co.uk/breaking-news/2016/5/brand-new-lettings-app-for-landlords