Hi, we’re just starting a holiday let business. We’re paying for things through one bank account and receiving income into that account. We’re not invoicing clients, they’re paying direct into the account from our website when they book. Whats the best way to set up accounting for this? I’ve set up as a landlord account but not sure if this is what I should have done now because it seems to want me to invoice rather than just add income as it shows up in the bank account.
Hello @irvinglynch
Are you vat registered and going to be submitting MTD vat returns?
Not VAT registered but will probably have to do MTD returns I guess. Our business should just need cash based accounting really because we’re not invoicing and we’re buying things out of the one account.
Hello @irvinglynch
You can still use the landlord setup as it is best fit for your situation.
An invoice doesn’t necessarily mean an invoice per se, it’s just a way of recording income in your accounts.
You can still record an invoice and the subsequent rent receipt as this is the best way to show the income coming from your tenants/clients.
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