Landlords have a different problem to sole traders: income and expenses need to stay separated by property, and general accounting software isn't always built with that in mind. Here's how the main options compare.
| Software | Built for landlords? | Best fit |
|---|---|---|
| Hammock | Yes — purpose-built | Landlords with several properties who want automatic per-property tracking |
| Xero | General accounting, adaptable | Landlords who also run a separate business through the same software |
| QuickBooks | General accounting, adaptable | Landlords already working with an accountant on QuickBooks |
| FreeAgent | General accounting, lighter | A single rental property alongside simple self-employment |
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Check my status →What actually matters for a landlord's day-to-day
- Per-property splitting. If you have more than one let, you need income and costs attributed correctly — not lumped into one pot.
- Mortgage interest handling. Since mortgage interest is treated differently for tax purposes than other costs, your software should track it as its own category.
- Joint ownership. If you co-own with a partner or spouse, you need to record your share only, not the full rent — check the software supports this cleanly rather than manually halving every entry.
- Bank feeds. Rent usually lands in a dedicated account — a direct feed avoids re-entering the same transactions every quarter.
Purpose-built vs general accounting software
A purpose-built tool like Hammock tends to save time if letting is a significant part of your income, because the property-level categorisation is automatic rather than something you configure yourself. General accounting software like Xero or QuickBooks makes more sense if you're already using it for a self-employed business and want your rental income in the same place.
Before you commit
Whatever you choose, confirm it's listed as compatible with MTD for Income Tax specifically — some products only support MTD for VAT, which is a different scheme with different requirements.
Not sure if you're affected yet? Check your own threshold and start date first.
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