Looking for specialist accounting for landlords? The Kelvin Partnership have a range of experienced, professional accountants ready to support you as a landlord. Whether you’re looking for tax advice or tips for property management, a Glasgow accountant from The Kelvin Partnership is here for you.
Accounting Tips for Landlords – Advice from The Kelvin Partnership
Separate Bank Accounts for Different Properties
Do you rent out a couple of properties? Make separate bank accounts for each one. Not only will this improve your organisation, it will do well for improving your position when it comes to tax preparation and submission to HMRC. Especially if you only have one personal bank account, you must open another for your rental income! Mixing your personal and business finances is only going to make everything considerably more confusing.
Digitise Your Documentation
Another way we suggest your efficiency and professionalism will be improved when handling your landlord responsibilities is by digitising the way you file important documentation. Paper copies of receipts, contracts, rental payments etc. can easily be lost. Therefore, make sure you create a digital copies of all business/landlord income and expense documentation. This will also save you time when it comes to filing!
Organise your Time
As we mentioned in our last post, organisation is essential when going about completing accounting tasks! At The Kelvin Partnership, we understand that being a landlord can be stressful, especially if you handle all responsibilities alone without the help of an estate agent! For most people, renting out a property isn’t their sole income. Whether you’re in full time employment, own your own business or are a freelancer, you must tackle your landlord duties at some point. So, on a weekly basis set aside a certain amount of time in which you complete tasks. Whether this be on your lunch break or on a Sunday morning, make sure you’re keeping up with it!
We understand that accounting for landlords can be difficult, even more so if you’re tackling everything alone. With the support of an accountant from The Kelvin Partnership, your landlord tasks will be halved and made considerably easier to manage. We will work with you!