UK Property
Onvio Tax enables you to create entities for 'Furnished Holiday Lettings' and 'Rents and Other Income' type businesses that support the latest Making Tax Digital (MTD) interactions with HMRC. The MTD pilot takes effect from 2017/18 so it is applicable to businesses with accounting periods starting on or after 6 April 2017.
The steps below enable you to create your business entity and link it to an existing landlord client record in Onvio Centre.
- From Onvio Centre select Setup > Clients.
- Click Add.
- Enter a unique Id for your FHL client.
- Select an EntityType of Furnished Holiday Lettings (UK Business) or Rental Properties (UK Busness) from the drop-down list and complete all relevant data for the business on the General tab.
- Select the Relationships tab.
- Click Add and under the Relationship section select Landlord from the drop-down box.
- In the Add Contact section click the Select Existing Contact link and browse to the client record of the landlord.
- Click Save.
- Select the Periods tab for the business entity and enter a Year Begin Date no earlier than 06/04/2017.
- Select a Period Frequency of Quarterly and click Save.
- Click Save at the top of the page to create the business entity client record in Onvio Centre. You are then returned automatically to the Clients list.
- Select the landlord client record from the Clients list and click Edit to open the record.
- Select the Projects tab to the left hand side to view the Onvio Tax project(s) set up for the landlord client, create an Onvio Tax project for the tax year if there isn't one already and then click on to open the project in Onvio Tax. The project opens on the Summary page.
- Select the Data Entry tab and click on Furnished Holiday Lettings or Rents and Other Income from the schedule list to the left. The business information will be brought into Onvio Tax along with the quarterly period details.
- Select the appropriate quarter from the Period drop-down list and click on the link in the Description column to enter data for the period selected.
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