How to file your tax on rental income, stress-free
29.07.2020
2 min read
25.01.2023
7 min read
Jon has been a landlord since 2013. As many Hammock users, Jon has to juggle a demanding full-time job and the responsibilities that come with being a landlord. For years, on top of his usual packed schedule, Jon would have to chase paperwork for his tax on rental income as the impending tax deadline got closer.
Somehow, the time was never quite enough to put together all the documents and receipts and file taxes without experiencing a lot of stress. Read on to learn how Hammock helped Jon take the stress out of filing taxes.
I’ve been looking for a system like Hammock to help me with paying tax on rental income for many years. In January 2019, as I was running around trying to get all my tax documents in order, I spotted Hammock on Facebook. I signed up straight away and I’ve been a user since then.
I am a part-time landlord and, like many others, I used to manage my property finances manually. I was set up with a spreadsheet that I updated semi-regularly and I was disciplined enough to make notes about most (but not quite all) my expenses.
Hammock is so easy that I have already filed my accounts for 2019/20 back in April, as soon as the tax year ended
It was good enough during the quiet months, but every year, come January I found myself rushing around to get everything ready to send to my accountant and find out how much I had to pay for rental income. I really wondered if there wasn’t a system where I could manage all my property finances together in one place. I dreamt about a system that would take care of the reconciling for me.
When I found Hammock, it was a dream come true!
It’s so easy to use and connects directly to my bank account so it knows the rent has been paid before I do. I love getting the text notifications. Knowing that everything is being managed in the background takes away a lot of the stresses of managing my tenants, allowing me to focus on my full-time job.
When tax season rolls around I can just relax.
That’s the best part! It’s so easy that I have already filed my accounts for 2019/20 back in April as soon as the tax year ended. All the data was already reconciled so I just sent it off straight away (to the surprise of my accountant!). There was no need to wait around until January and now when tax season rolls around I can just relax.
