Question asked by Kerry Nicolls 5 months ago
When entering Lettings Income, do I need to enter the amounts monthly or can it be quarterly totals? Also, what category would this go under? Revenue, Other Income or should I set up a separate code for Lettings income?
Many thanks
Hi Kerry,
For the record keeping rules, we would advise reading HMRC's guidance: https://www.gov.uk/guidance/use-making-tax-digital-for-income-tax/create-digital-records
And unfortunately, we cannot advise on the account code, this is something you should check with an accountant if you are unsure.
Tommy
Best answerHi Kerry,
I have noticed you have opened a Sole Trader account rather than a Landlord account type. In this case, if you hover over your account name at the top right, you can click Add New Business and select the Landlord account type.
Once completed, you should see more relevant default account types. And if you do not require the Sole Trader account, we would really appreciate it if you could close this by hovering over the Building Icon (top right) > Account > Close account.
Tommy
You must 