This record explained
You can use this digital record if your income is less than £90,000 per annum (this template is available to download at the bottom of the page).
Multiple properties: If you own multiple rental properties, you can either submit individual digital records for each or consolidate all properties into a single digital record.
Jointly owned property: When you own a property jointly (e.g. 50/50 with a spouse, partner, or someone else), you only report your own share of the income and expenses. You don’t submit figures for the entire property and then adjust them later; you submit only your portion in the first place.
The 'Summary' sheet of your digital record cannot be edited. This is a requirement of HMRC. To enter amounts, you add items to the 'Income' and 'Expenses' bookkeeping sheets.
Entering income and expenses
Income should be reported for each 'Income Type' that is applicable. As follows:
Rental Income
Rent-a-Room Income
Grant of Lease Premiums
Reverse Premiums
UK Paid Tax or Special Withholding Tax
Other income
On the 'Expenses' bookkeeping sheet, add itemised expenses, including date, description, and amount. It is not necessary to select a category.
After populating figures in your 'Income' and 'Expenses' bookkeeping sheets, they will be summarised on your summary sheet. For further advice on keeping digital records, please refer to your advisor or HMRC for clarification.