Setting up a business bank account, redirecting all rents into it, making sure each and every expense comes out of it i.e. getting and using a new credit card for that account, transferring over all my contractors’ payment details, telling utility companies, three different councils and the teax office that my bank details have changed plus tagging all transactions and then checking (because nothing is perfect right) that it’s all working as it should seems way harder than simply entering figures directly into MTD software as they arise. Seeing as I’ve been doing this for 27 years on a highly customised spreadsheet, it’s no extra work to do this via MTD software. Also, I can use the spreadsheet’s many formulas to act as a cross-reference to make sure all my figures are accurate.
Anyway, I thought you’d given me permission to do it my own way…
I only do my accounting once a year currently in order to get the figures for my SA.
I don’t particularly want to do that 4 times a year. As it takes me a while to work out all the rents and mortgages and expenses from the bank account.
Also I like the idea of everything going through one account and being completely ring fenced, I do accept obviously though that it’s a bit of effort to set up - i’m hoping to use the switching service which I think will change all my mortgage DDs over automatically, but I could be disappointed!
The software also does other useful stuff like holding tenancies and reminding me of gas cert dates and stuff - so this is an opportunity for me to do a major process upgrade.
I appreciate though that if you already have a smooth running ship then maybe just key the summary numbers into the MTD software - fair enough
Thank you I just looked at NRLA and it does sound good, it doesn’t specifically say on the web site that MTD will be included in the £5 product - unless I’m missing it?
The NRLA suggestion has quite good Karl, there’s some good info there.
It says you can now adopt a 3 line approach (if you turn over less than the Vat threshold £90K - no idea why it’s linked to that, especially as this government is rumoured to be changing it!)
So you don’t have to separate expenses out into all the different categories, which does make it easier
Ive test drove the NRLA Portfolio system, and the one problem I found was all expenses must be ‘allocated ‘ to a property
So in my case, where I’d be using it for Sole trader properties, and Ltd Co properties, you can allocate properties to each portfolio.
However, any expenses which are not ‘property specific’ have to be allocated to a property, If not, how would the system know which portfolio to allocate the expence to?
Agreed, I’ve fed it back, and their standard reply “The system is being improved all the time”. I will look again once the MTD digital bit is live, as I assume this issue must have been improved to make the system useful.
In the meantime, I’m using Hammock, but at £23 per month, I’d rather the Portfolio system @ £5pm be more suitable!
