Many of our e-commerce clients also have property interests, and we advise and manage the finance and tax around these properties for our clients. Making Tax Digital, which started for VAT in April 2022, has created a rise in the number of online systems, designed to help people with MTD. As part of the service that we offer to all our clients, we spend time researching and testing the very best digital systems, to help our clients.
As of April 2024, MTD will apply to landlords with a gross rental income of £10,000 or more. This means that with the average rent now tipping the thousand pound a month mark, even landlords with just one property will need to be MTD compliant. If you are unsure if this will apply to you, please speak to us, and we will advise you.
We have searched the market, and found the best solution for you, as a landlord, to be MTD compliant – Hammock.
Hammock is an online property portal designed to bring all the financial information about your properties into one place. It was created by a landlord after he became frustrated with trying to manage the finances of his properties across spreadsheets, paper notes, and multiple accounts. Hammock brings all the information that you need about your properties into one easy-to-use app.
Simply register your rental properties, and add tenants, whether they are individuals, HMOs, or managed by letting agents connect your bank accounts, and away you go. Hammock will automatically reconcile recurring payments, and any late payments will be flagged. Hammock’s bookkeeping system will match the transactions with the SA105 (property income) categories, so you have full visibility. The impressive metrics dashboards, helps you to analyse your buy-to-let properties, giving you real-time data about key metrics such as loan-to-value ratio, rental yields, and occupancy rates. It also helps you keep track of things like when gas certificates are due for renewal.
Hammock even offers a current account (optional), with a Hammock card, so that you can keep your property finances all under one roof. Hammock has been designed to make being a landlord easier.
Hammock comes in different packages depending on how many properties you own. For landlords with one to three properties, the basic package consists of:
- Rent collection
- Unlimited bank accounts
- Real-time notifications
- User management
If you would like more information about getting your properties ready for Making Tax Digital, and saving you time and hassle, then speak to our professional team here at Elver Consultancy please call 01942 725419 or email firstname.lastname@example.org