You can add additional payments to your rent receipt, such as cleaning fee, parking fee or other. To do this, you have to edit the invoice or receipt from the Finance section > Edit and add an expense item under Other payment. This amount will be added to the total due amount. You can also do this when creating a new Tenancy and this additional amount will be visible on all rent receipts / invoices. Important ! The additional amounts entered under Other Payment will be added to the Balance of the tenant’s account. These additional amounts are not considered Read more
Certain expenses are deductible from taxes. The amortization corresponds to the property value loss for a given period of time. This loss amount can be deducted from taxes annually. You can create an amortization from the Finance section. Click on Add an expense, choose the Deductible charge type: amortization expense, choose the duration and then Save. Example For a sofa bed which costs 3600£ and has an average lifetime of 12 years, it is possible to amortise 300£ every year. This amount is deducted from the revenue.
Taxable income In general you’ll pay income tax on the revenue you get from renting out a property. The taxable amount is the sum left once you’ve added your rental income and deducted any allowable expenses or allowances. Your income is primarily the rent you receive but also any other payments from tenants for services normally provided by a landlord. If you charge any non-refundable deposits for your property, these will also count as rental income, as well as the money that’s kept over from a returnable deposit at the end of the tenancy. Allowable expenses a landlord can deduct Read more