Disclaimer

Whilst every reasonable effort has been made to ensure that all transactions processed by your lettings agent are correct, it is your responsibility to ensure that you are satisfied that the Tax Form produced by Landlords Online accurately and completely reflects your income and expenses from your lettings activity and that your Tax Return as a whole is accurate and complete. If you are in any doubt concerning the correctness or completeness of the Tax Form, we strongly recommend you seek professional advice from a qualified tax practitioner.

Your attention is drawn to the following:

 

1. The Landlords Online Tax Form will only contain information uploaded to it for properties managed by your letting agent who has issued you with a user name and password. You may edit this information, but, you will be responsible for the accuracy of any changes made. If you have any taxable income or tax deductible expenses relating to your properties other than that which has been uploaded by your letting agent, you need to add these to your Tax Form manually
2. If you have properties managed by more than one agent and have received a different user name and password from each agent, Landlords Online will produce a separate Tax Form for properties managed by each of the agents. It is up to you to amalgamate the figures when submitting your final Tax Form to the Inland Revenue.
3. Income is counted on the Tax Form only if it has been allocated a "taxable" status by your agent.
4. Expenses are only included on the Tax Form if they have been allocated a "Tax Deductible" status by your agent.
5. It is your responsibility to check that the Landlords Online Tax Form records your income and expenses on the correct basis. This will either be the "Earnings" basis or "Cash" basis and will be determined by your agent selecting the appropriate basis for you.
6. If the "Earnings" basis has been selected for you, your income will be calculated as follows:

 

Transactions will be uploaded to the relevant tax year based on the invoice item date of that income, that is the date on which the agent invoices that item of income to the tenant.

And your expenses will be calculated as follows:

Transactions will be uploaded to the relevant tax year based on the invoice date of that expense, that is the date on which the contractor (or agency) billed the agency on your behalf.

Please note! Only Rental Income is apportioned, other income and expenses will NOT be apportioned. If this is necessary on any item of other income or expenditure, you need to make a manual adjustment to your Tax Form. Rental income is apportioned to the Tax Year based on the Tax Year start date of 6th April and end date of 5th April and the rent period.

 

7. If the "Cash" basis has been selected for you, your income will be calculated as follows:

Transactions will be uploaded to the relevant tax year based on the receipt date of the income, that is the date on which the agent received the monies due.

And your expenses will be calculated as follows:

Transactions will be uploaded to the relevant tax year based on the payment date of the expense, that is the date on which the agent physically paid the expense on your behalf.

Please note! No apportionment takes place if the "Cash" basis has been selected.

 

8. Landlords Online will not automatically calculate any Tax Adjustments or entries for Losses. You need to make entries in these boxes on the Tax Form yourself, manually, if appropriate.