HMRC requires owners of rental businesses to keep good records of income and outgoings. Accurate and detailed records not only prevent trouble with HMRC but ensure maximum tax efficiency.
The Rental Business Record Keeper provides a simple and quick way to enter details of income and expenses for a rental business. It automatically calculates the wear and tear deduction available where the property is let furnished and provides an annual statement for tax records. It will also produce an estimate of the tax payable on the rental at any point in the year and aids budgeting for payments to HMRC.