Free Rental Income and Expense Spreadsheet Tracker for Landlords

Using the Income and Expense Spreadsheet for Tax Preparation

Allowable expenses in the spreadsheet

This spreadsheet is the prefect way for landlords to prepare for their tax returns. The rows on the left-hand side of the spreadsheet act as a great guide to allowable expenses.

These allowable expenses can be deducted from your overall tax liability if these items have been used for business purposes. 

The sections covered under expenses include finance charges, rents, rates and ground rents, insurances, maintenance and repair costs, fixtures and fittings and furniture costs, wages and service costs, travel costs and a whole host of miscellaneous costs, including space to record any we haven't suggested.

Tax-deductible expense checklist

When you download the spreadsheet, you’ll also be sent a free tax-deductible expense checklist by email. This is a great companion tool for the income and expense spreadsheet.

The checklist covers a whole host of tax deductible expenses that you shouldn't forget when preparing your tax return.

There's also a section of frequently asked questions so you can understand key tax terms like revenue and capital expenses, wear and tear etc.

The income and expense spreadsheet is a simple tool for landlords with straightforward portfolios, so it is down to you to check that you are entitled to the reliefs that are listed in the spreadsheet and the checklist. Once you’ve entered all your property income and expenditure details, the dashboard at the top of the spreadsheet will show you your overall income and expenditure and will calculate the figure you may have to pay tax on. You can also use the tax band guide in the spreadsheet to see which tax band you fall into.

the income and expense spreadsheet dashboard

Where to get More Information on Mortgage Relief and 20% Tax Credit (Section 24)

The aim of this income and expense spreadsheet is to give landlords a simple way to track income and expenditure and to help them prepare for their tax returns. Because this is a simple spreadsheet some of the more complicated tax rules around mortgage interest relief aren’t accounted for. As this spreadsheet is for the 2020 tax year onwards we have not included mortgage interest relief in any of the spreadsheet’s calculations.

20% tax credit in the income and expense spreadsheet

From 2017 you have been able to claim a 20% tax credit on mortgage relief, this only applies in the simplest of cases, it is down to you to check you are eligible for this relief before applying it when you submit your tax return. You can learn more about section 24 in this guide:

What Landlords Need to Know About Section 24

In this article you'll learn about the phasing out of mortgage interest relief, how it will affect you and how you can offset the costs.

Tips for Designing Your own Landlord Spreadsheet

Each landlord is different. While this simple spreadsheet helps most landlords when it comes to tax preparation, your needs might be slightly different and in that case, you’ll want to design your own spreadsheet. If you are creating your own landlord spreadsheet take a look at this article:

7 Things Landlords are Missing from Their Spreadsheets

In this article you'll be introduced to 7 Excel tips that landlords can use to make professional looking spreadsheets.

The Limitations of the Landlord Income and Expense Spreadsheet

This income and expense spreadsheet is a great and simple tool to help landlords prepare for their tax return. For those who have one to three properties this spreadsheet should help you in a straightforward way.

If you have a large portfolio you may find it difficult to do all the admin needed to aggregate your costs into this spreadsheet. There are also more complicated tax considerations as your portfolio grows. If you’ve purchased or sold properties in the last tax year, you’ll find it difficult to account for this in the spreadsheet.

For a more comprehensive way of managing your income and expenditure and preparing your tax return try Landlord Vision. The software can handle an unlimited number of properties and tenancies and, will help you fill in your tax return in less than 5 minutes. Find out how landlord Vision can help make managing every aspect of your portfolio easy.