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Lettings Accounts Checklist

15 July 2009 No Comment

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This checklist is set out in the style of a flow chart, only without the boxes! It is the normal practice to collate a separate set of records for each separate property. We prepare individual summaries in the case of multiple properties and the figures are later combined only for the purposes of a personal tax return.

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Bank/Finance House items

  • A copy of a loan interest paid certificate for the whole tax year.

  • If the lender cannot provide a certificate, please let us have an analysis of actual loan repayments made, clearly stating the different amounts for repayment of capital and payment of interest.

Income items

Records of all rents received. That could be any one of the following:

  • Copies of all rental invoices issued.

  • Copies of all statements from your lettings agent.

  • Other records which clearly show all monies received.

Expense items

Any combination of the following:

  • All supplier invoices addressed to you as a landlord.

  • Copies of all statements from your lettings agent.

  • Other receipts and expense vouchers which support your other rental outgoings.

  • Where documents are not available please let us have a note of the nature of the expense and the amounts paid. This should apply only in exceptional cases where (for example) the tenant has left and has taken the council tax bill, and you have had to pay some later instalments of council tax yourself.

If you are unsure about any of these points please feel free to call us.

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Posted on 15 Jul 2009 by The Proactive Accountant Dot Com