Regardless of whether you’re a single property owner or a portfolio landlord, this article will show you How Landlords are Turning Tax Digital and saving thousands of pounds.
As landlords, we all know that accountants are expensive. So much so that it’s important for us to do everything we can to cut down the amount of expenditure that outsourcing accounts can cost.
However, there is only so much we can do, right?
I get it. We all get it. You’re busy. You’ve got lots to do. But what if I told you that you could be skipping over potentially thousands of pounds worth of savings yearly by not using the right systems?
Especially with the recent expectation that HMRC has introduced which will force a vast majority of Landlords to comply with adopting digital tax solutions.
Not only does cloud-based property management software help you stay legally compliant, but it will also help reveal incredible operational savings across the board when it boils down to things like:
• Accountancy fees.
• Tax reductions.
• Admin costs.
• Avoiding fines and non-compliant legal penalties.
With the introduction of smarter cloud-based property management systems, it’s become glaringly apparent that the task of juggling property management as well as managing your own accounts has become increasingly easier, so much so that a mere £15 monthly subscription to online platforms could reveal savings of up to £6000 in some cases.
We did some digging and recently discovered that some of our primary users have benefitted massively by turning to intelligent accounting solutions amongst several other features that are hosted in specific Property Management Tools.
We recently spoke to Teresa Aitken, Landlord over at Glynn’s properties.
Teresa has 50 properties and started out using spreadsheet accounting. She quickly realised that it simply wasn’t scalable and was causing more issues than perhaps it was worth.
Teresa then moved over to a property management tool that enabled her to digitise her spend reconciliation as well as manage her portfolio in a more resourceful way.
“I’ve just noticed that I’m coming to year’s end and the expenses I’ve been able to log have been significantly higher than the year before due to the help of Alphaletz allowing me to easily track and manage any payments made.
“It’s saved me a bunch of money! Not only on reducing tax rates but it’s made the accountant’s job significantly easier meaning that I don’t have to pay them for a tonne of hours.”
Teresa was able to list all 50 of her units on Alphaletz and pair individual expenses against select properties.
This meant that when it came time for Teresa to reconcile her accounts it was as simple as clicking to download an expense report for whatever property she desired or her entire portfolio.
It even aligned with the transactions on her bank statement too, as Alphaletz enables Landlords to connect and their bank records and pair purchasings to specific units.
Alphaletz is a modern, cloud-based software for portfolio landlords and property managers. Simplify your finances and organise your entire rental property business, without spending hours on admin. First property is free to set up.
Alphaletz is the no.1 time-saving app for busy landlords with multiple properties.
Use the mobile and desktop app and discover how the Alphaletz landlord app can help you organise your entire rental property business.