If you earn an income from renting out a property in the UK and need to pay income tax on it, you’ll need to complete the Self Assessment SA105 form in addition to your main SA100 tax return.
QuickBooks Self-Employed allows you to set up your income and expense categories so you can save time preparing your Self Assessment tax return.
1. Set up your account
After signing in, answer a few questions about your business. This helps us set up your company file and tailor the program to better fit your needs.
- If you complete an SA103 tax return for self-employment, select Sole Trader.
- If you complete an SA105 tax return for UK property, select Landlord.
Note: Make sure you select the correct option as you will not be able to go back to change it. If you’ve selected the wrong option by mistake, you’ll need to create a new account.
2. Connect your bank account to categorise transactions
Next step is to connect your bank account so you can categorise your income and expenses. Or, you can manually enter the transactions if you choose to.
Here’s a list to help you categorise your expenses when preparing your SA105 form:
| Expenses | Box number |
| Cost of services | Box 28 |
| Non-residential costs | Box 26 |
| Other property expenses | Box 29 |
| Professional fees | Box 27 |
| Property maintenance | Box 25 |
| Rent, rates and insurance | Box 24 |
For more information, check out HMRC's property guide.
3. View your self-assessment summary
After you categorise your transactions, you can view your income tax preparation on the Taxes tab. You can also drill down on each categorisation to view the transactions that make up that particular box.
Note: You don’t need to complete the tax profile section as a landlord.
That's it! You're now set up in QuickBooks Self-Employed.