Easiest Way to Streamline your Annual Accounting
Most important tip is to make sure your accounting is as easy as possible, especially for the future.
I recommend that you have a separate rental bank account, where the rent goes, and all expenses are paid out of.
For example, if you need to pay $3,000 for a heat pump, you personally introduce the $3,000 into the rental bank account and then pay the expense from the rental bank account.
Or, if you have paid for an item on your personal credit card, that the rental bank account reimburses you for this straight away. This keeps things simple.
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Any changes in law or the facts through a misrepresentation or error or consequential developments may lead to a modification or change to all or part of this opinion. We do not accept a general responsibility to update this opinion for such changes. The opinion expressed herein is not binding on the Inland Revenue Department and we cannot guarantee that they will adopt the same opinion as us. We recommend you receive specific, expert advice before making any structural changes.
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