Updating post from Reddit.
Hello members.
I am a landlord with 4 buy to let properties.
I do my own self assessment as I have no other income apart from rental Income.
Till now I have manually used pen and paper to work out my finances for self assessment as I don't use an accountant.
I'm looking for a easy reasonably priced software which I can enter all my rental Income and expenses so that I can get the correct figures for my self assessment.
Some softwares I have researched from this group is, landlord vision and hammock.
Can someone guide me on which software is best for the simple task of inputting my rental Income and deducting expenses.
Thank you in advance
Excel is all you need.
If you need proper accounting software then GNUCash is best in my opinion. I use it for my rental property. It’s free and open source and allows for double entry accounting. It can also create Profit/Loss statements etc automatically at the end of the fiscal year. It’s got a barebones user interface but is actually a full accounting software package which makes it ideal for use
https://www.freeagent.com/features/property/
You can get Freeagent for free if you have a (free) Mettle account or a NatWest/RBS business account.
This looks good. Will have a go with the free trial and see how it goes... Although may start officially using this from 5th April new tax year to keep things simple.
i was thinking in gettitg a natwest business account but the bank charges every transaction (0.35p) i dont find this convenient
Hammock
I use landlord studio. Does income / expense tracking + property management
Try https://www.rentadmin.co.uk.
I use it for my portfolio of properties for a number of years.
I enter my property income and expenses and then download the report at the end of year to send to my accountant.
It's cheap to use too with good support. It has BankFeed, expense management, supports multiple property owners, import your data etc.
The Free account has full features but is limited to 1 tenancy. You add as many properties as you need.
The Standard account is about £10/month.
Try it with the fully free account first.
If you send me a message, I can send you a code for 6 month PREMIUM account code.
Just a spreadsheet on Google drive will do this (or Microsoft Excel if you have it)
I used https://www.gosimpletax.com/
Nice interface and was reasonably priced. I was NRLS at the time and it handled the complexity of that with ease. It has some built in checking features too, which caught things I was unaware of.
Thanks for helping everyone.
I think the Google drive option is good as I have a subscription with them anyway.
Problem will be the initial setup, unless someone has a template they can send me?
Excel worked for me for many a year Not sure I see the point in over-engineering things. I am a chartered accountant though which probably helps
Id be very grateful to anyone who can send me a Google sheets template that I can use for my properties
Libre
The Rental Income and Expense Tracker Template is the best.
It's the ultimate tool for landlords and property investors, no matter the size of your portfolio.
Whether you’re a property manager, a small landlord with a few rentals, or managing a large portfolio, this tracker makes it easy to stay on top of your finances. Track income and expenses for up to 50 properties, or even just one, with the same simplicity and effectiveness.
Check it out https://assetafc.etsy.com/listing/1788517734
I’ve been using https://lordy.app for tracking everything related to my rental properties. It’s simple and effective.
Google drive
Sorry... Can you explain abit further please
I use google sheets and google docs to automate my income, tax and profits. Shows my properties outgoongs and expense and yield
How do you do that, I mean how's it automated
You put the figures in the boxes and you can make it add up automatically as you go so you just need the add the totals to the return when you complete it. Prob exactly the same as you are doing on paper. I use a tab for each property so I can see them then a final sheet with it all together.
I have all my property in a drop down and ill populate the data depending on the selected, then a new tab for total portfolio brake down.
Its just spread shhets mate, the formulas are Childs play and the queries are easy to find. Start to use it and you'll get the hand of it quick
I also use Google Drive but it isn't an automated process.
You can automate it with the code snippet function, you can pull in bank details with certain banking open api curls