Landlord's company record keeping spreadsheet
NRLA Recognised Supplier, RITA4Rent are delighted to announce the release of a new record-keeping spreadsheet, designed specifically for landlords who own UK buy-to-let residential property within a limited company.
This follows the success of their popular record-keeping spreadsheet for landlords owning properties in their own names. It is an alternative and cost-effective method of recording your income and expenditure, versus the monthly cost of paying for a Cloud package.
The spreadsheet allows you to record all of your income and expenditure during the financial year, allocate income and expenses to unique categories, reconcile your company bank account, and ascertain an approximate idea of your profit levels during the year. You will then have a perfect starting point to send across to your accountant, ready for them to finalise your accounts, make any year-end adjustments, prepare the accounts and your company tax return, and then carry out the necessary filings with both Companies House and HM Revenue and Customs.
Directors of limited companies must keep accurate and controlled records, and the spreadsheet facilitates this and is best suited to company landlords owning from 1 to 5 properties.
There are many further benefits to recording your information within the spreadsheet, such as having a means of recording your capital costs, which may well be utilised in the future when you come to sell the property. Also, it is a good means of keeping a record of your drawings from the limited company, ensuring you are not exceeding your Director’s Loan Account balance and if this has been utilised, ensuring you are not drawing more than your company’s profit reserves.
There is an additional column to give each transaction a reference number, should you wish to cross-reference an entry to hard copy documentation, such as invoices and receipts.
Keeping accurate records is also important just in case the dreaded letter from HMRC arrives on your doorstop, to say they are raising an enquiry into your affairs. With controlled and accurate records, you stand a far greater chance of being able to attend to their queries in a timely and correct manner.
The spreadsheet has no password protection, so you may edit this to suit your own circumstances, as no two landlords’ circumstances are identical. When editing, just take care with the Excel formulas, and if you get in a muddle, drop us a message and we will try our best to help.
We have also included a set of instructions in the first tab of the spreadsheet to help you on your way.
Whilst our record-keeping spreadsheet is completely free to use, should you wish to also receive a quote to join RITA4Rent as a company client, just click here in order to obtain a no obligation quote for our services.
Limited Company Template Spreadsheet
