Question asked by Kirsten Mauchline 4 months ago
Hi,
I am a landlord looking at software to help with MTD. What Account Code should I use for expenses related to period safety certificates such as EPCs, EICR etc ? I don't think Repairs and Maintenance is ideally the way to go ?
Many thanks Kirsten
Hi Kirsten,
Unfortunately, we are unable to advise on the account code. This is something you should double check with a qualified accountant.
Tommy
Hi Tommy,
I know the section of the Tax Return I currently fill in for these items in for my self assessment. I’m not sure how the ‘codes’ such as ‘Buildings and Maintenance’ map onto the self assessment. (Though I am pretty confident which section s ‘Buildings and Maintenance’.
How can I find this out ?
Can I create my own ‘codes’ that flow through to my self assent tax return ?
In addition I created an expense for utilities when my rental properties empty and coded this as utilities. Looking at the dashboard I am wondering if Utilities is actually related to a property I am using for my business as opposed to Utilities for an empty property?
It is important for me to understand how expense codes map to the self assessment in order to be able to use this software as a landlord.
Many thanks Kirsten
Hi Kirsten,
The MTD quarterly returns are to submit your Taxable Income which is your Total Income - Total Expenses.
You can review your account codes under Settings. This will show you the Account Type and the Statement (PL = Profit & Loss, BS = Balance sheet).
Also, there won't be a form that mirrors the old non-MTD tax return at the year end. Our Product team are considering a way to show which account codes are included in the quarterly updates for clarity.
Tommy
You must 