Itemising rental properties/pensions in expenses/ income account.

Question asked by David Roseblade 1 week ago

Dear Forum,

I am a non-resident landlord, in receipt of rental income and UK pensions, will ClearBooks take my status into consideration for the completion of HRMC MTD requirements.

Looking at ClearBooks it does seems a very straightforward and clear method of managing my limited UK HRMC requirements. I have two rental properties that I want to use ClearBooks to carry out my MTD requirements and for inputing my pension/bank interest details.

Any suggestions as to how would be the best method to subdivide these within the account to easily show visibility of which property/pension incurred the expense or income. I have looked possibly using “Contact” , “Reference” or “Account” subjects to be prefixed by an indicator.

I am also not sure how ClearBooks takes care of Pension receipt/savings interest within the same account, any guidance would be welcome.

Thanking all in advance.

Happy New Year!

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1 Reply

Hi David,

  1. Best Method to Subdivide Your Properties To manage two rental properties while keeping them distinct for your own visibility, you can make the distinction in the account dropdown. If you create custom account codes with this distinction, this will provide visibility in the Profit and Loss report.

However, we do have plans to introduce a Projects feature in a paid property plan in the near future.

  1. Handling Pensions and Savings Interest HMRC requires you to report your business (property) income separately from your personal income throughout the year. Clear Books manages this through a dedicated MTD Tax Return account:

Business Income: Your rental properties are managed in your primary Clear Books Property business, where you'll submit Quarterly Updates.

Pensions and Interest: These do not need digital records throughout the year. Instead, you add them to your MTD Tax Return account at the end of the tax year.

Automated Data: For UK pensions, the MTD Tax Return account can often pull pre-populated data directly from HMRC's systems. This ensures you don't manually duplicate income already tracked via PAYE.

Tommy

Best answer
5 days ago

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