Checklist

Information for quarterly submissions

Transactions that lead to business income	Transactions that lead to business expenses (Scroll for more)
Turnover	Cost of goods bought for resale or goods used
Other business income	Construction industry – payments to subcontractors
	Wages, salaries, and other staff costs
	Car, van, and travel expenses
	Rent, rates, power, and insurance costs
	Repairs and maintenance of property and equipment
	Phone, fax, stationery, and other office costs
	Advertising and business entertainment costs
	Interest on bank and other loans
	Bank, credit card and other financial charges
	Irrecoverable debts written off
	Accountancy, legal and other professional fees
	Depreciation and loss or profit on sale of assets
	Other business expenses

What information will you need to submit quarterly?

You will need to provide HMRC with your total sales and total expenses for each business, along with the quarterly period’s start and end date.

If your total sales are likely to be over the VAT threshold (currently £85,000), even if you are not required to be VAT registered, then you will also need to submit a breakdown of certain set categories of sales and expenses depending on whether you are a sole trader or a landlord, and depending on the type of rental property you have.

Detailed checklists follow on the next pages.

Businesses with trade profits

Businesses with property income

UK property (not UK or EEA Furnished Holiday Let)

Transactions that lead to property income	Transactions that lead to property expenses
Total rents	Rent, rates, insurance, ground rents
Other income	Property repairs and maintenance
Tax taken from total rents and other income from property	Residential property finance costs
Premiums for the grant of a lease	Non-residential property finance costs
Reverse premiums and inducements	Legal, management and other professional fees
	Costs of services provided, including wages
	Other allowable property expenses

Businesses with property income

Overseas property (not EEA Furnished Holiday Let)

Transactions that lead to property income	Transactions that lead to property expenses
Total rents	Rent, rates, insurance, ground rents
Premiums paid for the grant of a lease	Property repairs and maintenance
Other receipts	Residential property finance costs
	Non-residential property finance costs
	Legal, management and other professional fees
	Costs of services provided, including wages
	Other allowable property expenses

Businesses with property income

UK Furnished Holiday Lets

Transactions that lead to property income	Transactions that lead to property expenses
Rent received	Rent paid, repairs insurance and costs of services provided
Income from any services provided to tenants	Loan interest and other financial costs
	Legal, management and other professional fees
	Other allowable property expenses

Businesses with property income

EEA Furnished Holiday Lets

Transactions that lead to property income	Transactions that lead to property expenses
Rent received	Rent paid, repairs insurance and costs of services provided
	Loan interest and other financial costs
	Legal, management and other professional fees
	Other allowable property expenses