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C
ColinC
April 10, 2019
Question

Investment Property Income

  • April 10, 2019
  • 2 replies
  • 0 views

Hello,

 

How best may I account for income from an investment property?  Under tax profile there is an 'other income' box.  Should I put in there the profit figure only (i.e. Rent, minus mortgage, service charge and other costs?).  Or is there a better way of accounting for it?

 

Thanks!

 

Colin

2 replies

P
payment after leaving
April 10, 2019


Hello ColinC,

 

We are not trained accountants and so cannot advise how to account for this, and which category to use. We would advise to check this with an accountant.

 

Thanks,

 

Talia

J
JonnyBoy88
April 16, 2019

That is not an acceptable answer, this is accounting software so should allow for rental income. Infact you have a box to insert rental income however it does not seem have any affect on the tax, please advise.

    E
    EdwardR
    April 16, 2019

    Hello Jonny,

     

    Thanks for posting on Community.

     

    Could you please include a screenshot of this from my knowledge rent should be an allowable expense which should show on the Tax section.

     

    Thanks,

     

     

    Rustler
    Rustler
    April 20, 2019
    @ColinC wrote:

    Hello,

     

    How best may I account for income from an investment property?  Under tax profile there is an 'other income' box.  Should I put in there the profit figure only (i.e. Rent, minus mortgage, service charge and other costs?).  Or is there a better way of accounting for it?

     

    Thanks!

     

    Colin

    Tax reporting can be weird, I can not help with the UK tax reporting specifics but maybe if I explained the US method for this it will get you started looking in the right direction

     

    In the US we have a form for rental property reporting (schedule E) which covers rental income, mortgage, taxes, expenses, etc.  I would think the UK has something similar

     

    But generally speaking you do not just enter net anything.  Enter income as well as expenses.

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