Landlord bookkeeping records: a simple year-round checklist

1. Record rental income clearly

Keep a record for each property showing the date, amount and tenant or letting agent. Save agent statements and note fees deducted before money reaches your bank.

2. Keep expense evidence

Save invoices, receipts and statements. Whether a cost is allowable depends on the facts, so keep the evidence and ask before assuming it can be claimed.

3. Separate repairs from improvements

Describe work clearly and keep the supplier invoice because repairs and improvements can have different tax treatment.

4. Reconcile statements

Each month, check that rent, fees and maintenance payments are complete and not duplicated.

5. Keep one property file

• Tenancy and agent statements
• Rent schedules and arrears
• Invoices, receipts and mortgage interest statements
• Insurance, service-charge and major-work documents

6. Check Making Tax Digital

Check HMRC’s current guidance for the threshold and start date that apply to you.

7. Prepare before the deadline

Check all income and expenses and gather details of purchases, sales, private use or joint ownership. See HMRC’s record-keeping guidance.