Tax Returns
Overview
Income from your portfolio is subject to tax, and as your portfolio and income grow, accountancy can get tricky.
To help you keep track of everything, PaTMa offers full income and expense records, and can use these to generate tax reports.
Before Generating a Tax Report
For PaTMa's tax reports to be accurate, you must ensure that the data you have added to PaTMa is correct.
You should log all income and expenses as they arrive, but if you didn't do so, you can backdate records in PaTMa.
For the purposes of this tutorial it is assumed that all relevant financial data is already present in PaTMa.
Downloading Tax Returns
From the lefthand menu, click Tax to go to the Tax Overview.
Select the tax year you need the report for, and the accounting basis - cash or GAAP. If you don't know which one you need, it's probably cash, but don't take our word for it, talk to a tax advisor!
Click Create Report to generate and download your tax report.
Understanding the Tax Report
⚠️ PaTMa cannot provide tax advice and the information below is informational only. Speak to a certified tax advisor if you need specific or individual help with your tax return.
Your tax report shows total expenses vs total income, along with profit and loss calculations.
Income will largely or only be rent payments.
Expenses likely include insurance, maintenance, and mortgages. PaTMa can record any other expense as required.
Below your financial figures is a tax table that shows the estimated amount payable (and your resultant net profit) under different tax rate bands. While this is likely to be reasonably close to your final payable amount, remember that the calculations are dependent entirely on the data you provided to PaTMa.
Making Tax Digital
Making Tax Digital for property is fully supported by PaTMa and has been approved by HMRC.
At present the feature is in pilot form and only relatively simple tax situations will be considered - please get in touch to be considered, or book a demo with us. Additional fees may apply.