Uk Tax return Book keeping Airbnb

[Bharat47]

Hi,

I have newly listed a property on Airbnb and have a Cohost to take care of listing. 

I have found some cleaning services are paid via bank transfer. But for HMRC how do I keep tab of all the expenses. 

I am looking for android app to keep track of cleaning, cohost payout and maintenance expenses for HMRC annual tax returns. 

Can you all may be share your experience/ideas on how you handle this situation.

Do you need to keep every single purchase receipt and bill for a few years?

[Rebecca]

Hey @Bharat47, 

It's great to be organised and there's lots of advice on this thread about accounting solutions and more recently, this bookwork/accounting thread. 

Since your post have you had any ideas that you've implemented for the meantime? 

[Helen3 · Accepted solution]

1. You can set your cohost and cleaner and listing up through the Airbnb platform 

2. you can set up an excel profit and loss budget and record income and expenses . You need to keep receipts for three years alternatively use Quickbooks or similar accounting software 

3. you can do your own tax return or have an accountant do it for you 

@Bharat47 

these are all issues your cohost should be advising you on

[Mike-And-Jane0]

@Helen3 I think its 5 years not 3

[Helen3]

Thanks @Mike-And-Jane0  I wasn't sure. (Thank God I have an accountant to look after this sort of thing).

[Mike-And-Jane0]

@Bharat47 we use excel and its all very simple. Receipts need to be kept for 5 or 6 years from the end of the year that the tax year ends in.