Landlords Get Organized
Landlords, it’s Easter – great! A few well earned days to relax and let your hair down.
If the sun shines – get out there and enjoy yourself. It’s the UK, so the chances are that there might be a little rain. If so. Why not spend a couple of minutes getting organised?
Since Property Hawk’s PM2.0, Free property management software launched late last year landlords have been put in charge of their property portfolio in a way they have never been before.
Landlord insurance – landlords get professional rates – discounted
Managing your rent
Landlords can keep tabs on their tenant’s rental payments using their own digital rent book.
Once a landlord has created their tenancy then the digital rent book will automatically generate a rent request when the rent payment is due. For those landlords that want to add in buy-to-let properties they have had for several years then the new Property Manager 2.0 automatically updates the rent payments to the current date.
If your tenant receives benefits or makes more than one payment against the same rent request. No problem. The new system handles multiple payments against a single rent.
Calculating your tax
The deadline for landlords submitting their tax return online is the end of January, so don’t worry landlords you’ve got plenty of time! The Property Manager has been designed to assist landlords compile their figures relating to their investment property and then present them in a format that allows them just to transfer the data straight into the relevant section of the online form. What could be easier?
Property Manager 2.0 – TAX SOLUTION
The Property Manager 2.0 makes compiling a landlord’s tax return simple.
All a landlord needs to do is:
- Remember that their tax return relates to the previous year so make sure you are putting the figures into the RIGHT tax year.
- Make sure you have added in all the rents received from your tenants
- Add in expenses such as: EPC, maintenance costs, letting costs. Remember capital costs such as putting in a new kitchen are not deductible but can still be recorded. The rule on revenue is that an expense must be a repair or renewal . If you are letting on a fully furnished basis the Revenue will allow you to claim for a 10% wear & tear allowance. The property manager does not currently automatically calculate this but just in a single figure relating to 10% of the net rent.
- BTL mortgage interest payments. Most landlords will have a mortgage and any interest paid on this is deductible. Go to the mortgage interest section and add in the interest paid for each month. Remember if you have a repayment mortgage you will have to separate out the interest from the capital repayments.
- Finally, if you have any furnished holiday letting profits, tax taken off, chargeable premiums, reverse premiums then just add those in as separate items. The figures you need to fill out your tax return will be automatically shown in the corresponding boxes within the Property Manager 2.0 ready to be input straight into a landlord’s tax return. VOILA – land and property part of the tax return done!
FREE Landlord Forms
Landlords need certain forms to manage their property portfolio.
There’s the tenancy agreement.
If you are creating a new tenancy remember you will need to provide your tenant information about how you are holding the tenancy deposit under s213 of the Housing Act.
Make sure you have created an inventory. You can use our unique drag and drop inventory creation software within the Property Manager 2.0. If you need to get possession of your buy-to-let property then you can use the section 21 Notice forms. All your information is retained within the property manager including any forms you have created so that you can download and print them any time.
Cashflow is one of the most important metrics for a landlords letting business. A landlord needs to know how much free cash their letting business is generating. To keep track of your cashflow generated by your letting business. A landlord needs to add a property and then a tenancy. Then they should add their expenses. The result is the property manager will show cashflow for each property and then for the landlords portfolio.
This shows a landlord what the monthly free cashflow their property portfolio is generating each month and for the year.
Letting agents & multiple accounts
For landlords with a number of property portfolios or for small scale letting agents they should check out our new multiple account facility which allows landlords to manage more than one portfolio from their one login. Find out more about setting up multiple portfolio accounts for letting agents and landlords .
Landlords it’s easy to forget things.
The NEW Reminders system allows landlords to set up regular monthly or weekly email Reminders generated out from their management data.
The emailed Reminder includes a Rent balance, Task list, insurance renewal dates, mortgage end of terms and tenancy end dates for the period of that Reminder.
To set Reminder frequency landlords should go to the Operations tab, and select the Reminders option.
Gas Safety Certificate Reminders and Repeat Tasks
Landlords can set repeat Reminders for gas safety certificates, electrical checks, regular maintenance tasks or other repeat tasks.
The repeat tasks can be set on a weekly, monthly, quarterly, 6 monthly, annual of 5 yearly repeat or simply as a single task.
To set Tasks landlords should go to the Operations tab, and select Tasks option.
Landlords enjoy your Easter and happy organising!