PROPERTY RENTAL BUSINESS ACTIVITY
Total Accounting, Chartered Accountants offer as part of their services assistance to their clients with property rental investments and business activity and would be happy to assist you in your subsequent accounting and taxation requirements relating to this.
The following Documentation includes the detail we will require to assist in this regard. Read the articles below this relating to Property Rental Business Activity.
REQUIRED FOR PREPARATION OF FINANCIAL STATEMENTS FOR RENTAL PROPERTY BUSINESS
Print off this document and check that you have all the financial documentation below (if appropriate to your situation). Tick in the right hand column to satisfy yourself that you have obtained or prepared it.
PREVIOUS FINANCIAL STATEMENTS
If you are a new client and have
previously been in business the Financial Statements from the previous
For all business Bank Accounts and
for the full period. Please
check you have them all and if not order missing copies.
CHEQUE BOOKS FOR YEAR
For all the bank accounts operated
by the business for the whole year.
If business payments this
should be noted.
This should have separate sections
for Cash Receipts and Cash
Payments and analyse the Receipts and Payments to
income and cost categories.
All items on your business Bank Accounts for the period should be
itemised. If you have more
than one property break this down to individual property.
BUSINESS ITEMS NOT PROCESSED THROUGH BUSINESS BANK ACCOUNTS (PAYMENTS)
you paid for business related costs out of pocket and not from your
business Bank Account, or you don’t have a specific Business Bank
Account, you please provide a
list which shows as below. If you have more than one property break this
down to individual property.
If you have purchased or sold
Properties during the year the full Solicitors Package relating to these
Provide all the Loan Statements
relating to the Property Rental (in Bank Statement format) for the whole
RELATING TO YOUR RENTAL INCOME RECEIPTS
Provide a Summary of your
information as to the Property Rental receipts during the year.
If you have more than one property break this down to individual
YOUR SUPPLIERS INVOICES
The Invoices you have collected from
Suppliers relating to your payments for the period.
The following are cost types which
are, if related to the Property Rental property, are allowable as expense
current year IR3 Personal, IR4 Company, IR6 Trust, IR7 Partnership
Income Tax Returns and Summary of Earnings Forms if you were not on our
agency list and received these direct.
any other correspondence with IRD.
ACCOUNTS RECEIVABLE (SUNDRY DEBTORS)
Please prepare a list of amounts for
any Rental Income owed to you by your Tenants at balance date with the
indicate any amount which you consider unlikely to receive payment
ACCOUNTS PAYABLE (SUNDRY CREDITORS)
Please prepare a list of amounts
which you have received Supplier’s Invoices for as at balance date and
are owing by you at balance date with the following columns:
Please provide the Statement received the bank or other financial institution indicating:
Resident Withholding Tax deducted.
Ensure that you provide this from
all institutions from which you received interest income.
Please provide the Dividend
Remittance advices received for the Dividend Issuer.
Ensure that you provide all Dividend Remittance advices for the
ANY OTHER OTHER INCOME WHATSOEVER
This could include:
Distributions from a Trust.
Income / Losses from other business activities for which
TotalAccounting are not preparing Income Tax Returns.
Profits/ Losses from any Partnership
you are a partner in and for which McLean and Co are not preparing Income
Profits/ Losses from any Look
Through Company you are a
shareholder in and for which TotalAccounting are not preparing Income Tax
Shareholders Salaries / Dividends attributed from other Companies
you are a shareholder in and for which TotalAccounting are not preparing
Income Tax Returns.
any other taxable income whatsoever.
INCOME PROTECTION INSURANCE PAID
If you paid for Income Protection Insurance this may be claimable as an Expense on your Personal Income Return, Bring the year end Statement showing the amount paid and the details of what the payment is for from the organisation you deal with in this regard.
Residential Rental Property- Features and Taxation
The Four Ways to make Profits in Property
To Invest in Commercial or Residential Property?
Rental Property Income and Expenses
Typical Property Investment Structures
Beating a Housing Bubble
What is an LAQC?
Taxation Requirements and Keeping of Financial Records for Rental Properties
Obtaining a Business Loan- Key Steps
Building up Wealth through Investing in Property
Fixed or Floating Mortgages?
Principal and Interest Debt or Interest Only?
Rental, Capital and Total Yields
Capital Growth vs Rental Returns
12 Steps to Save on your Mortgage
Taxation on Land Transactions
The In's and Out's of Buying A Home at Auction
Obligations of a Landlord
Obligations of a Tenant
Selecting a Property Manager
TotalAccounting provides an accounting and taxation service to a number of property investors. If we can assist you, please contact us.
If we can assist further, please email TotalAccounting as follows:
CONTACT TOTALACCOUNTING BY EMAIL BY CLICKING ON THIS LINK
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