How to get your property ready to rent
“I had a nasty surprise with my last tax bill and promised myself I’d be better prepared for the next tax year. That’s how I found Hammock: its tax forecast estimation helps me put my worries to rest.”
“Hammock is like a dream come true, it’s just what I’ve been looking for.”
“Having all property payments automatically reconciled by Hammock has saved me so much time.”
“I love being able to take a photo of a receipt and attach it straight to the transaction without having to leave the Hammock app.”
“Having a profit & loss statement for each of my properties has been great to understand the performance of my portfolio.”
“I’ve never enjoyed having to calculate rental yields or LTV. Hammock now does it automatically for me, what a relief”
“I own multiple properties so getting notifications about which tenants have paid their rent has been so helpful for me. Hammock doesn’t just tell me that money is in, it links the payment to the right tenancy straight away.”
“I love not having to check 3 separate bank statements every time. Hammock gives me the full list of all of my property payments and makes it easy to filter and search.”
“Any HMO landlord should use Hammock. I can monitor all my rental payments, reconciled per individual tenant. And because they charge me by property, rather than by tenancy, its incredible value for money!”
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Hammock is the accounting platform for UK landlords. From a single platform, landlords can manage all transactions related to their rental properties, access automated bookkeeping services and keep track of their property tax statement. Landlords can securely connect unlimited bank feeds (we are FCA registered no. 911254) to bring all their property finances in one place.
All rent payments, together with other incoming and outcoming transactions for all properties in a landlord’s portfolio, are then tracked in Hammock and reconciled in real-time.
Hammock’s automated bookkeeping matches incoming and outgoing payments with the relevant properties and tenants, all in real-time. This means that landlords will not have to browse through bank statements, finding and highlighting expected transactions and painstakingly tracking any late or missing ones. Hammock will reduce all the time spent on administrative tasks for property finances to a quick tap on the phone (we have mobile apps for both Apple and Android devices) and a scan of a landlord’s reconciled transactions.
All the payments reconciled then feed directly into the property tax statement, where they are mapped against the categories of the SA105 form (the document to fill for those who have income from property). The tax statement is updated in real-time, so landlords will have no surprise tax bills to deal with. Hammock also provides an estimate of the total amount of the tax bill and gives landlords an option to save over time, so funds dedicated to paying tax are stored away during the year, instead of being chased last minute.
The reconciled payments also feed the Hammock insights, that display in real-time all the key metrics to monitor for buy to let investments. Loan to value ratio, profit and loss statements, rental yields and more are available 24/7 and refreshed in real-time.
Landlords receive instant notifications about all payments, and also periodic summaries and statements to keep tabs on their cash flow. Hammock keeps a running total of the arrears balance per property and per tenant, making it easy to spot any missing payments immediately and to agree on repayment plans.
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