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Is Finance costs being recorded correctly?

Tips and advice on how to use Landlord Vision.
christop10
Posts: 3
Joined: Wed Jun 13, 2018 9:04 pm

Is Finance costs being recorded correctly?

Postby christop10 » Fri Aug 17, 2018 3:31 pm

It seems that when you record finance cost expenses at the moment, they are being recorded in the property purchase account, and therefore as a capital expense. However I thought costs associated with financing could be / should be recorded as a revenue expense?
Thanks

roy
Posts: 41
Joined: Tue Aug 23, 2016 11:38 am
Location: United Kingdom

Re: Is Finance costs being recorded correctly?

Postby roy » Wed Aug 22, 2018 5:19 pm

Hello

Thank you for contacting support

We have recently made the following changes to Landlord Vision

1. Re-assigned the following items from the 'Property Buying Costs' asset account to the 'Finance Costs' (expense account):

- Mortgage arrangement fee
- Mortgage broker fee

2. Created an additional item called 'Incidental costs of obtaining finance' assigned to the 'Finance Costs' account. This item will cover all of the other possible finance costs as per HMRC's Business Income Manual BIM45815.

Please review your relevant expenses and adjust as necessary

Kind regards
Roy


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