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Hi,

 

I've just bought my first BTL and whilst I'm waiting for everything to go through I thought I'd get my record keeping strategy sorted.  I was thinking of setting up a seperate bank account and then using a spreadsheet to log everything.

 

I love spreadsheets and would like to make a fancy one with lots of macros that does all sorts of clever reports, making tax returns and cash flow predictions very easy.  However, I need some inspiration to get me started.

 

Does anyone have a template they wouldn't mind sharing?

Or does anyone know exactly what things this spreadsheet needs to record and do?

 

Thanks in advance.

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  • 3 months later...
  • 2 weeks later...

Jake hi

This is Richard Brown's type of territory but there are some significant things that you should be doing if you re managing the property yourself.

 

From the financial side of things I would strongly recommend separating all your property activity from any of the rest of your money as it is much easier to identify all spending for the Tax Man.  I would think that a standard money in money out spreadsheet will suffice for the finance with you keeping close control of where your receipts and invoices are for all matters financial.  I would recommend finding an accountant who knows the property industry well and can ensure that you can clam for all the tax breaks that are permitted.  I have found that having an accountant's stamp on it has always meant that my tax return has passed without further questions from HMRC.  Your accountant's fees are also tax deductible.

 

I would recommend a separate spread sheet for your mileage that are attributable to the property business.  Your accountant would be able to advise on this but my understanding is that you can only claim for miles that are attributable to the property.  If you attach recreational visits or via the supermarket then this is not permitted to be attached to you tax claim.

 

Other things that you need to keep an eye on are items that have expiry dates attached.  These include:

Landlord's Gas Safety certificates - annual  (remember to keep at least 2 year's worth -  regulation 36(3)© of the Gas Safety (Installation and Use) Regulations 1998)

Electrical Safety Checks - Every 5 years (Recommended not legally mandated - Information for Landlords & Responsibilities | Electrical Safety First

Landlord's Building Insurance - Annual

Smoke Alarm and CO Alarm expiry date - Check each item's manufacturer's life expiry date and schedule replacement into your system

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