Suggestions for accounting software

[kerbut]

I bought a new laptop on Saturday loaded with Windows 8 which I am trying to get my head round after years of using Windows XP Professional

On XP i have been using a very good software called Dosh Cashbook which I loaded into the new laptop only it would not accept my pin number to unlock the program , this morning after discovering the original company I bought from had gone out of business I found that the remains of the original company had been bought out by a company called Mamut ,on contacting them I was told that I would have to pay £99 for an new program to run on Windows 8 + Contract of £49.99 pa. My question is what do other Landlords use for a record of money in and money out and on the 5th of April I hit the button and it prints it all out ?. Luckily I have a PC with Dosh loaded onto it ( XP) so will keep it if necessary .

[Richlist]

Firstly I don't understand how anyone can use a single piece of software to handle all of the record keeping.

Secondly I don't know why you just want to press a button and print it all out......the tax authorities don't require it.

This question has come up before. We use MS Excel for some of these records others are hand written ledgers:

1. Revenue Expenses......for Income Tax

2. Capital Expendture.....for CGT

3. Captal Expenses/ Annual Investment Allowance calculations.

4. Use of home as an office calculations.

5. Transport/ Cost of Cars/ Mileage Records

6. Dedicated bank account with monthly statements and consolidation.

7. Cash book.

MS Excel allows you to insert formulae that will add or multiply to give column/ row totals and overall numbers etc.

[kerbut]

I only use it for sales (rental income coming in ) and purchases (repairs,,etc) at the end of the financial year it does print out all my sales ,all my purchases and I can put those figures along with interest from other sources and my pensions into the figure on my tax return.

I have a dedicated bank account for rental income (have had for 30 years)

Mileage is recorded in a diary (start/ finish milage) @42ppm and is entered monthly as a purchase (as I use a Smart car ,on a winner there !)

Home office is calculated @£130 pa and entered as a purchase ( I claim ,my wife does not ,as some property's are in her name and some in mine, the house we live in is in her name ,so she does not claim as it may attract CGT if we sell eventually )

[Richlist]

Mileage is recorded in a diary (start/ finish milage) @42ppm and is entered monthly as a purchase (as I use a Smart car ,on a winner there !)

Well wether you are onto a winner depends on more than the type of car you are driving.......its currently 45p per mile if you are claiming the actual mileage. You might be better off claiming a writing down allowance. In your shoes I'd do a comparison to see which is most beneficial for you (and your wife also, if she claims for her properties).

Home office is calculated @£130 pa and entered as a purchase ( I claim ,my wife does not ,as some property's are in her name and some in mine, the house we live in is in her name ,so she does not claim as it may attract CGT if we sell eventually )

I seriously think you need to see an accountant as you don't appear to understand the mechanism for calculating this expense or the way of negating any CGT liability. It does depend on the number of rental properties you have and the running costs of your home but I have no idea where you get £130pa as an appropriate amount to claim.....it seems very low.

The two expenses categories.....home office and car.....are, in my opinion, the two areas where people consistantly fail to claim their full allowance.

Presumably you also keep separate records for any

* CGT expenditure

* Capital/ Annual investment limit expenses

[kerbut]

Thanks again RL.

Yes my mistake its 45ppm I claim , I claim that if I am using my X5,or the Smart.

Its was the accountant who advised me about the £ 130 allowance I can claim ,changed accountants this year as my previous one would not let me claim for office and did not include motoring for the last 9 years.

The house we live in has never been a rental property , its just as I have a room we use as an office I can claim for an office, so as my wife does not claim (accountants advice) it will not attract CGT as it is our private residence.

[Richlist]

I really don't want to get drawn into a debate that results in me having to write a long detailed piece on what you can and can't claim BUT any accountant that did not include your transport costs for the past 9 years doesn't have much credibility in my book.

Suggest you get another one that you can rely on.

Home office

Best way to calculate your home office claim AND to avoid CGT is as follows:

*Add up the number of rooms in your home excluding bathrooms, toilets, kitchens, landings, hallways.

*Then add up the total running costs of the property.....mortgage, insurances, heating & lighting, council tax, general repairs etc

*Divide the total running costs by the number of rooms.

*Apply the proportion of private use of the room.

* The result is what you claim.

There are lots of other ways to calculate an appropriate figure......this is the one I use.

[Richlist]

You could try this.....I haven't yet.

http://www.thompsonspropertytax.co.uk/property-income-and-expenditure-calculator

[kerbut]

Thanks again , but I think we have decided to keep the old PC and use it for accounts only with its Dosh program.

[Chestnut]

Back to OP Kerbut, if it helps when I bought new laptop I was advised to use Windows 7 as op system, not Windows 8. I'm told Win 8 is harder to adapt to from XP as it's designed for those more familiar with Tablets rather than PCs.

Tenancy accounts are my own simple transaction records on DIY Excel and either continue as 'compatible' files.xls, or if started from scratch appear as .xlsx.

Changed menu layout from XP and old Office is very frustrating but I get there in the end.

I too keep my old PC for stuff like osbolete MS Frontpage!

[jays marine]

I bought a new laptop on Saturday loaded with Windows 8 which I am trying to get my head round after years of using Windows XP Professional

On XP i have been using a very good software called Dosh Cashbook which I loaded into the new laptop only it would not accept my pin number to unlock the program , this morning after discovering the original company I bought from had gone out of business I found that the remains of the original company had been bought out by a company called Mamut ,on contacting them I was told that I would have to pay £99 for an new program to run on Windows 8 + Contract of £49.99 pa. My question is what do other Landlords use for a record of money in and money out and on the 5th of April I hit the button and it prints it all out ?. Luckily I have a PC with Dosh loaded onto it ( XP) so will keep it if necessary .

you can now download for free and use your old pin but make sure you follow the instructions on this link http://www.mamut.com/uk/support/search/faq.asp?id=02024772&lcid=2057 hope this helps

[kerbut]

Thanks for your suggestion , but that was posted in 2013, all sorted now 

 

 Edit to add : I kept the old PC which is used for nothing but my Dosh accounts.