Submitting tax data to HMRC

Before completing this step, you need to log into HMRC via Landlord Vision.  A guide can be found here.

Obligations

Log into HMRC and select the tax year you are working on. Landlord Vision will then show you your obligations and submissions and also allow you to select whether you are submitting via the cash basis or accruals basis. Each obligation covers a quarter of a tax year, eg 06/04/2020 - 05/07/2020 - it is not possible to submit using ad hoc periods with Landlord Vision. Once you are happy that you have entered all of your incomes and expenses for that period the software will populate the submission for you. You will see something like this

The obligation is "yet unmet" because nothing has been submitted yet. If you have submitted data from another application then this information will appear here. Click the Prepare Submission box and view all of the data appropriate to that date range. A list will appear similar to the Profit and Loss report showing you all of your incomes and expenses for that quarter. Please review any error messages that come up and deal with them accordingly. Once done, click View Transactions Snapshot to see what made up these numbers so that you can confirm they are correct. There are some manual entries as there is nowhere else to enter these in the software, so you will need to fill these in here if applicable.

If there is something missing or you find a receipt, you can go back to Property Manager or Tenant Manager and record the missing transaction(s). If you do this, click on Recalculate Submission to show the new data. All changes need to be entered into the data itself so there is a complete digital record in the event of queries.

Once you are happy with the data, you can proceed to the next step of submitting the data.

Click on View Transactions Snapshot to see all of the transactions that relate to that particular submission, so if you have selected the first quarter of the tax year, then the transactions relevant to that period will be displayed.  Check these to make sure they are correct.

If you notice something is missing, you can go back and add it, say if an expense has not been entered, go to Property Manager > Expenses and add it in.  Once you have done this, come back to the Submission page and click Recalculate / Adjust.  The system will now recalculate the numbers based on the new data.

Once you are happy that the data is correct, click on Submit to HMRC.  This will upload your data to HMRC.  Please note that at this point it is still possible to update your submission both from Landlord Vision and from other software applications if you have other data to submit that Landlord Vision does not support, eg pension data.

If you do make any changes to the submission, click on Recalculate Submission to make sure everything is still correct.

Annual Submissions

At the end of the year, you will be required to submit an Annual Summary and this will be due by the 31st January of the following year, so for tax year 2021/2, the final submission date will be the 31st January 2023. Of course, you can submit well before that, so long as all of your quarterly updates have already been done.

The process works much the same as the quarterly submissions in that you can view the transactions that are included, as well as make one off adjustments as required.  And again once you are happy you can click Submit to HMRC to send off your final accounts for approval

HMRC Tax Calculation

This section allows you to view the tax calculations for the year, including income from other sources if submitted from other software.