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 must submit an individual digital record for each.
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 whole property and then adjust later; you submit just 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
Navigate to the 'Income' sheet and select the relevant country from the drop-down menu.
On the simplified 'Income' bookkeeping sheet, income can be reported as a single figure for each 'Income Type' that is applicable. As follows:
Rental Income
Grant of Lease Premiums
Foreign Tax Paid or Deducted
UK Paid Tax or Special Withholding Tax
Other income
On the simplified 'Expenses' bookkeeping sheet, you can also submit a single consolidated figure for allowable expenses. Alternatively, you can choose to break them down into HMRC’s standard expense categories (e.g. travel, office costs, advertising, etc.), but it’s not mandatory.
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.