Introduction: Welcome to TaxDash, the innovative online portal designed by EOACC, your trusted Accountants and Business Advisors. As the CEO, I’m excited to guide you through the process of managing your property income and expenses seamlessly using TaxDash for your UK self-assessment tax return.
Navigating TaxDash: From the main page, accessing the income section leads you to various modules, including property income. Alternatively, you can navigate through the dashboard straight to the tax return. Once in the UK income section, locate the property segment.
Entering Property Details: Upon selecting the property section, you’re prompted to input details such as purchase price, ownership percentage, and associated costs. While comprehensive information aids in robust tax planning, essential details like purchase price are crucial.
Tracking Expenses for Tax Efficiency: TaxDash empowers you to track expenses meticulously, ensuring a thorough understanding of your financial landscape. While some expenses might not directly impact your tax return, keeping track aids in comprehensive tax planning and potential future deductions.
Recording Transactions: Within the property dashboard, adding transactions for the tax year becomes straightforward. Whether inputting monthly data or summarising annual figures, TaxDash accommodates various preferences. Detailed records ensure accuracy in tax assessments and future planning.
Understanding Fees and Additional Services: TaxDash offers flexibility, allowing users to add multiple properties and assess fees based on complexity. For clients seeking additional support, EOACC offers assistance, whether through direct data entry or advisory services. Utilising further accounting software like Xero may be advisable for extensive property portfolios.
Completing the Process: Once all details are inputted, completing the property module signals readiness to proceed to other sections of your tax return. TaxDash simplifies the process, ensuring efficiency and accuracy throughout.
Conclusion: We at EOACC are committed to simplifying your tax obligations through TaxDash, offering convenience and clarity in managing property income and expenses. Our team is here to support you every step of the way, ensuring a smooth tax-filing experience.