Good property management accounting lets you see how much profit each property is making. It allows accurate expenses recording to be able to take advantage of tax deductions. Property management accounting makes it easy to report income and expenses separately for each property - something the HMRC requires you to do.
Here are the essential steps to start off your property management accounting.
Step 1: Open separate business accounts
The size of your rental property doesn't matter, you need to treat it as a business. This means the separation of your business finances and personal by opening a business checking account.
This account will mean that all income from the property goes into and out of that one account, where you can easily see and track it. If you have more...
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