Tax Reports

There are two tax reports in Landlord Vision to help you calculate how much tax you owe on your property business. One is for capital gains tax and the other for income tax. The income tax report is not available in the company-owned portfolios.

Capital Gains Tax Report

This is a simple report to show you how much you might be liable for for an investment property if you were to sell it.  The report takes into account all purchase and selling costs, including the asset price itself.  This report pulls information from Property Manager > Expenses > Add Expense > Cost Type and then these three options:

  • Capital Costs
  • Property Purchasing Costs
  • Property Selling Costs

Select any of these options when creating expenses to make it appear on this report.

Income Tax Report

The Income Tax Report is a very powerful report that brings everything together in one place and tells you how to fill in your SA105 tax return form in relation to your property business.  Each current and previous tax year has all of the appropriate tax rules pertaining to it and we update each new tax year as they start.  For years up to and including 2016/17, simply record your loss (if you have one) from the previous year and any other income you may have that is not referred to elsewhere in the software e.g. salary or pension.  For 2017/18 onwards you will need to select whether you are using the Cash Based or Accruals Based accounting method which is based on your revenue for that year.  Once you know which one you are using, fill out the remainder of the details on the form as appropriate and Landlord Vision will calculate everything else.

The numbers and headers on the report correspond to the numbered boxes on the SA105 tax return and the values on the right hand side show you what to enter in each.  Use Display Details at the top of the form to show all of the transactions that make up that amount, just so you can check that the data has been input correctly. If not, make a note of the payment and go and find it in the relevant section.

There are more notes on the Income Tax Report below.

Each section pulls from the following locations:

20 Total rents and other Income from Property
Tenant Manager > Payments
Tenant Manager > Invoices > Add Credit Note > Bad Debt
Property Manager > Income
24 Rents, rates, insurance, ground rents
Property Manager > Expenses
25 Property repairs and maintenance
Property Manager > Expenses
26 Loan interest and other financial costs
Finance Manager > Mortgages/Loans
Please ensure that you have ticked the Offset interest against rent tickbox so that it appears here.
27 Legal, management and other professional fees
Property Manager > Expenses
Tenant Manager > Agent Fees > Agent Fees
28 Costs of services provided, including wages
Property Manager > Expenses
29 Other allowable property expenses
Property Manager > Expenses
Tenant Manager > Invoices > Add Credit Note > Bad Debt
35 Landlord’s Energy Saving Allowance
Property Manager > Expenses
36 Costs of replacing domestic items
Property Manager > Expenses