Landlord Expense Account Codes

Question asked by Dan Ross 6 days ago

Which account codes do I use for the following?

  1. Rent, rates, insurance, ground rent, etc
  2. Repairs, maintenance, renewals
  3. Allowable loan interest and other financial costs
  4. Legal management and other professional fees
  5. Costs of services provided, including wages
  6. Other allowable expenses
Landlord
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4 Replies

Hi Dan,

The expense categories used by HMRC for MTD for Income Tax UK property expenses are:

  • Premises running costs
  • Property repairs and maintenance
  • Allowable financial costs
  • Professional fees
  • Cost of services
  • Travel costs
  • Other

If you view the account codes settings page in your Clear Books property business, you will see each account code has an "Account type" which is one of these HMRC headings.

The SA105 doesn't exist under MTD for Income Tax so those headings are no longer used exactly as they are labelled in the standard tax return.

The MTD for Income Tax categories are determined by HMRC.

Tommy

Best answer
6 days ago

Hi Dan,

Unfortunately, we do not provide accounting advice. You can select the account code you believe is most appropriate from the list of default account codes. You can also create custom account codes under Settings > Account Codes > Create account code.

Tommy

6 days ago

Hi Dan,

The expense categories used by HMRC for MTD for Income Tax UK property expenses are:

  • Premises running costs
  • Property repairs and maintenance
  • Allowable financial costs
  • Professional fees
  • Cost of services
  • Travel costs
  • Other

If you view the account codes settings page in your Clear Books property business, you will see each account code has an "Account type" which is one of these HMRC headings.

The SA105 doesn't exist under MTD for Income Tax so those headings are no longer used exactly as they are labelled in the standard tax return.

The MTD for Income Tax categories are determined by HMRC.

Tommy

Best answer
6 days ago

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