LetCompliance
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Help centre · Rent and money

Where do I record income and expenses?

On Finance, against the property they belong to. Every expense you record flows through to your SA105 preparation and your Section 24 figure, so recording it once during the year replaces the January reconstruction entirely.

Per property, not per portfolio

Expenses are allowable against the property they relate to, and a portfolio-level total cannot be split back out at the end of the year. Record it where it happened and the apportionment is already done.

What people forget to claim

  • Mileage to and from the property, at the HMRC rate for that tax year
  • Professional fees, including referencing and inventory costs
  • Replacement of domestic items, where it qualifies
  • The finance costs that feed the Section 24 restriction rather than a straight deduction

Mortgage interest is not a normal expense

It is restricted, and it produces a basic-rate credit rather than a deduction from profit. Recording it as an ordinary expense overstates your relief, so it is treated separately and computed properly.

Then the tax pack

Nothing has to be re-entered. The Tax page reads what is here.

Where this lives

Finance.

Open it in LetCompliance

Still stuck? Ask us directly. A person reads it.