Hammock: the time and cost-saving property finance platform
From 6 April 2024, taxpayers with rental or self-employment income in excess of £10,000 will need to comply with HMRC’s Making Tax Digital (MTD) initiative. Records will need to be kept digitally with returns filed quarterly. Following this, completion of an End of Period Statement will be required along with a final declaration. Although it may feel a while away, getting set up on the correct systems now is essential to best prepare your business for MTD.
Finding the systems best suited to your property business will save you time and money.
We’ve partnered with Hammock, the property finance platform, to provide a low-cost, easy-to-use solution for landlords preparing for MTD. It not only fulfills your reporting requirements with HMRC, but also helps with the management of your rental property. It acts as a central hub for your property finances and lets you access them on the go.
All your property finances in one place.
Hammock gives landlords notifications, reminders and alerts for all property-related payments and deadlines. You have 24/7 access to your property finances as well as easy prompts to keep your books in order.
How does it work?
- Step 1: Add your properties and tenancies into Hammock
- Step 2: Securely connect your bank account through Open Banking
- Step 3: Leave the rest to Hammock!
Hammock takes care of all aspects of your business finances.
Banking: Identify, search and filter all transactions related to your rental properties in real-time, even if they’re spread across multiple bank accounts. No more spreadsheets or paper bank statements!
Bookkeeping: Instant reconciliation of transactions and notifications on all property payments or arrears. Stay on top of any late or missing payments.
Property Tax: Full visibility on your property tax statement, so you can plan ahead and avoid any last-minute surprise tax bills. Avoid the last minute tax filing rush!
Insights: Real-time access to key metrics to track your buy-to-let investment. Hammock’s calculator does it all for you: profit and loss statements, loan to value ratio, rental yields, occupancy rates. Monitor your income and expenses anytime.
Watch our webinar for a close-up look at how Hammock handles your property finances.
How do I access Hammock?
You can log in to Hammock from your mobile phone, desktop, laptop or tablet. Visit their website here and download the mobile app from the Apple Store or Google Play.
Hammock is a valuable tool for landlords as we move towards Making Tax Digital, and we recommend getting set up on it as soon as possible. At Tyrrell Accountants, we’re experienced in working with landlords and we know what kind of support they need. If you’d like help getting started with Hammock or have any questions about how to prepare for Making Tax Digital, get in touch with us.