Please see our common questions below on how to use our software once you’re all set up.
If you have signed up to our All Inclusive package UK Landlord Tax will complete your bookkeeping by posting your transactions and submit your quarterly reports to HMRC for you.
You can also access all of our ‘How to’ videos from the dashboard of your myRental Accounts log in.
Go to the transactions tab on the left-hand side to open up your transactions.
At the top you first need to select your bank account using the drop down menu. You will then see a list of transactions in the main section. For each transaction you will need to select a category for the transaction, whether it is an income or an expense, and the property it relates to from the drop menus next to each transaction and select post.
Please play our how-to video on the left.
To use this, the category and property must be the same for all of the transactions you want post at together/bulk post.
Select the transactions you want to bulk post together from the list by clicking in the little box on the left. Rather than use the category feature on the same row at your transaction, use the select category and select property at the top and use the drop menus to select the ones required. You then need to click on ‘apply bulk edits’ and then click ‘post all selected’.
Please see our how-to video: Bulk Edits
This allow you to split one transaction into an income and expense. This is for your letting agent statements where your letting agent will have already deducted their expense from your rental income.
For example you may charge your tenant £1000 per month and your letting agent will deduct their management fee of £100 per month and pay the remaining £900 to you, but you need to record the total income and the expense under the same transaction.
Also see ‘How do I split a transaction?’ below.
Select ‘transactions’ from the menu on the left. Select the transaction to you want to split and click on ‘split’ and a pop out will appear for you to edit this split transaction before posting. For each description, you will need to select whether it is income or an expense and enter the amount.
For an expenses you need to enter the figure as a negative figure by adding the dash (-) in front of the figure e.g. -100. If you have done this correctly the difference figure will show as zero.
Please see our how-to video: Splitting Transactions
Go to your dashboard by selecting this from the left menu and select ‘Add a cash transaction’ and then ‘view transactions’ in the cash transaction section. Click on the ‘add new cash transaction on the right hand side. Here you need complete the fields for date, description, select category and property, the amount of the transaction. You can also add a document if you wish to support this transaction, and when you are finished, click on ‘post’.
Also see ‘How do I upload a document?’ below.
You can upload a document to any transaction by clicking the ‘Add document’ button on right hand side of any transaction listed in your transactions. A pop out will appear for you where you can click on ‘choose files’ and you will be able to select the file from the list depending on where you saved it on your computer or device that you are currently using to access your account. Click on the ‘upload documents’ button and click on the ‘x’ in the top right corner of the pop-up window to close it. You should see a number under the upload documents column for this transaction.
Please see our how-to video on the left.
You can upload a document to any transaction by clicking the ‘Add document’ button on right hand side of any transaction listed in your transactions. A pop out will appear for you where you can click on ‘choose files’ and you will be able to select the file from the list depending on where you saved it on your computer or device that you are currently using to access your account. Click on the ‘upload documents’ button and click on the ‘x’ in the top right corner of the pop-up window to close it. You should see a number under the upload documents column for this transaction.
Please see our how-to video: Uploading Documents
You can do this either by going onto your ‘dashboard’ and selecting ‘Add a new property’ or by selecting ‘Properties’ on the left-hand side menu and click on ‘Add a new property’. Here you will be able to add the property address and other property information. Once you have finished, click ‘Save & Close’ at the bottom.
Please see our how-to video on the right.
You can view all your rental properties listed in the system by selecting ‘Properties’ from the left-hand side. Can you view or edit the details of each property by selecting the ‘View & Edit’ button next to each one. If you make any edits click on the ‘Save & Close’ button at the bottom of the page.
Select ‘Properties’ from the menu on the left and select the property you need to mark as sold and click on the ‘View & Edit’ button. To mark your property as sold, simply click on the ‘Mark as Sold’ button on the right-hand side. Once you have finished, click ‘Save & Close’ at the bottom.
The property will remain listed in your ‘Properties’ section to ensure all previously posted transactions are not unallocated.
Please see our how-to video: Marking a Property as Sold
Go to your dashboard by selecting this from the menu on the left and select ‘Add a bank feed’.
You will first need to make payment before you can add an additional bank feed. There is a £6 charge per annum per additional bank feed. Once you have confirmed payment you will then be taken to a page a page to add your new bank account. When you have got to this stage please follow the on-screen instructions.
If you are not redirected, once the payment has been made you can simply go to back to ‘Add a bank feed’ and select this option again.
Please see our how-to video: Adding a Bank Feed
Select dashboard from the left-hand side and select ‘Invite an advisor’. Here you will see your details and an option to ‘Add an Advisor’ underneath. Once you have clicked on ‘Add an Advisor’ simple add their details and click ‘invite’.
You can also select whether you want them to have read only access or full access. Full access will allow them to post your transactions and manage your property information. An advisor will not be able to change your bank feeds or payment details.
Please see our how-to video on the right.
Go to your ‘dashboard’ by select this from the menu on the left and select ‘reports’ or select ‘reports’ from the left. Here you see, cashflow report, rental tax report, and income and expenditure transaction report. Each report can be downloaded into pdf, excel, or csv files.
The ‘cashflow report’ will show a breakdown of the total actual profit or losses of your property portfolio showing all the income and expenses.
The ‘rental tax report’ shows each individual income and expense along with any finance costs incurred on the propert.. This will provide an insight to your total taxable income for your rental portfolio.
The ‘income and expenditure transaction report’ shows a breakdown of your all of your posted income and expenses transactions with each category and property there were posted to.
Please see our how-to video: Reports
Any financing costs such as mortgage interest, mortgage arrangement fees and bank charges will not be included in your main expenses on your tax report as they are no longer allowable. They are however given a 20% tax reduction from your total tax liability.
Please see our video here: Finance Costs Explanation
Coming soon….
You will not need to post your MTD submissions to HMRC if you have signed up to myRental Accounts All inclusive service as UK Landlord Tax will do it for you.
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