September 22, 2022
by  Josh Sab

Making Tax Digital - Hammock, made by and for Landlords

Lastly in our series on software to prepare for MTD for ITSA we have Hammock, a bespoke accounting system designed specifically for Landlords. Hammock offers a range of features key to property finance management.

Advantages

Compliance – Document storage and expiry notices for key policies e.g insurance or gas certificates.

Bookkeeping – Real-time reconciliation allows for an easily visible running balance of arrears from specific tenants.

Banking –No cap on the number of bank accounts a user can connect, automatic tracking of rent income.

Tax – Generates an automated forecast of potential property tax statements so Landlords are not caught on the back foot.

Performance – Data insights will tell you what properties are generating profit, and which are costing more than they are earning. These analytics have multiple vectors including yield, occupancy rates and more.

MTD Compliant – The CEO of Hammock claims, by the time the April 2024 MTD ITSA deadline is reached for landlords, Hammock will manage the entire workflow, and be capable of submitting four quarterly returns, compiling end-of-year data and delivering them to be submitted by accountants’ software or directly extracted.

Pricing – Compared to competitors Hammock is quite affordable, offering several plans from under £10/month for up to 10 properties to a custom price for larger requirements.

Accessibility –  With a simple and clean user interface the Hammock app makes it easy for Landlords, especially those with other businesses or jobs to keep track of their portfolio.

Disadvantage

Limited application – If your income is purely from properties then this could be seen as more of a pro, Hammock is not designed for businesses and or trade industries. If you have a variety of needs such as regular changes in sales or a need to manage inventory, you will have to juggle multiple software or use a less specialised platform that can handle all your requirements.

 

Overall it seems clear that Hammock fits well within the niche it has carved out. It does not claim to be more or less than financial software for landlords. Because of this, the company is able to commit to quality of life improvements and shaping the platform towards the simple goal of making portfolio management easier for landlords and financial reporting easier for accountants. If you have any questions about Hammock or MTD don't hesitate to contact us at office@pfconsult.co.uk

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