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A lot of landlords these days are moving to a more incorporated set up and becoming limited companies, but what does this mean when it comes to using Landlord Vision? Well, there are a few things you can do with the software to help you manage your limited company.
Set up a Company Owned Portfolio
Once you have incorporated you can set up a new Company Owned portfolio in the new company name. This will allow you to produce a set of reports that are unrelated to the ones you had before. Add your properties to the new portfolio and start your tenancies from the point where the company began. You can still retain your old portfolio alongside the new one. This will allow you to segregate your data so you can distinguish between data related to your new company and data collected before you incorporated.
Company Specific Reports
The software is pretty much the same in a Company Owned portfolio compared with a privately owned one. The key difference is you no longer need to produce an Income Tax Report so this is now hidden. You will need to produce things like a Balance Sheet, Profit and Loss report and a Cash Flow, all of which can be found in the reports section. Also, if you have a tax year that is different to the ‘standard’ tax year, you can change this in Settings > Financial Settings so that all your reports now use these dates instead.
These two things make managing property companies easier in Landlord Vision. Have you found it easy to manage your limited company in Landlord Vision? Is there more we can do to make managing limited companies easier? Let us know over on User Echo.
