Learn how to manage your property if you have joint ownership.
In this video, you will learn how to manage different property portfolios from one account.
Landlords can have many different ownership structures within their property portfolio. It is vital all the property ownership information appears correctly on tax statements.
Hammock allows you to manage all of those properties within one account.
Most importantly, Hammock will also give you a different tax statement, not only for each portfolio, but even for each owner within those portfolios.
Let’s look at an example:
- Head to the ‘Properties’ tab. When you first start, you'll be assigned one portfolio, which is your personal portfolio. Click on ‘Personal’.
- In this instance, you can see James owns 100% of his portfolio.
- However, if James owns some other properties with a friend or has some in a limited company, there is a way to add these details by clicking on ‘Add Portfolio’.
- Create a portfolio name - for example, ‘Property with my brother’.
- Fill out the details on the next page. Assign ‘Beneficial Owner’ and state the % level of ownership. In this case, we add ‘40%’.
- To add another owner, click on ‘Add Owner’, ‘Add New’, ‘Beneficial Owner’.
- Fill out the rest of the details, such as ‘Type’ (Personal), Ownership (60%), ‘Name’ and ‘Email’.
- Hit ‘Add Owner’ and check the summary.
- If all the details have been added, click on ‘Portfolio Properties.’
- Choose the property you’d like to add to this portfolio.
- Hit ‘Edit’ on the property you have selected. Choose reference ‘Property with my brother’.
- Hit ‘Save and ‘Save and Close’.
- Let’s look at an example if James owned a third property within a limited company.
- Follow the same steps as in the previous example.
- Name your portfolio ‘Company properties’.
- This time select ‘Add new’ Beneficial owner and choose ‘Business’ type.
- Fill out the ‘Company Name’, ‘Company Number’ and ‘Tax Year Start Date’.
- Hit ‘Add Owner’.
- After we’ve added a company, shareholder details need to be filled out.
- In this example, we choose James as ‘Beneficial’ Owner’ and select ‘100%’ ownership type.
- Click on ‘Add Owner’, ‘Save and Close’ and choose ‘Portfolio Properties’.
- Hit ‘Edit’ on the property you have selected. Choose reference ‘Company Properties’ and click ‘Save’.