Tax calculations it’s a doddle
It’s that time of year again. You are stuffed with turkey but in the back of you mind is the looming tax return deadline and automatic £100 fine for those that fail to submit by the 31st January.
The good news is that calculating the Land and Property section relating to your rental business is now a ‘doddle’, thanks to Property Hawk’s Property Manager. To calculate your liabilities all you need to do is:
1. add in your expenses for the year under the expense tab
2. ensure that you have recorded all your rental payments for the tax year
3. finally, add in the mortgage interest payments you have made for any loan or mortgage associated with the business
Once you have completed this input process all the figures are automatically totalled in a way that all you have to do is read across from the Income Tax tab and insert the figures straight into your tax return.
I appreciate anyone’s trepidation about using technology. No doubt Xmas has been full of technology trials. Presents that don’t do what you want, devices that don’t work or deliver in the way they promised. The good news from me is that having designed the Property Manager and now having used it for the first time to calculate my own returns.
The Property Manager makes the whole process simple, by organising the input and output process for you. The other good thing is that once done, you will always have a record of your data should you ever need to reference it again.
I won’t make any claim that the system will make filling out your tax return ‘fun’. However it should make it simple and ensure that your data remains secure. You can also be reassured by me that there is no need for any technology trepidation with this one – it really does ‘what it says on the tin.’
The Editor
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