Furnished holiday lettings
| Category | Type | Example |
| Rent | income | Total rent and other income from property |
| Rent a room income | income | Rental income received under the Rent a Room scheme for the period |
| Cost of services | expense | Cost of services provided including wages |
| Equipment depreciation | expense | The reduction in the value of equipment owned by your business. For example: A computer or mobile device. These expenses are not eligible for tax relief. |
| Financial charges | expense |
Fees and charges from financial providers. For example: Charges from banks or building societies. Countingup monthly plan and transaction fees are financial charges. |
| Other costs | expense | You should only use this category for other allowable property expenses when you cannot find a more precise category to use. Can't find a category you need? Tell us here |
| Premises costs | expense |
Costs related to your business premises. For example: Rent, rates or utilities. |
| Private use | expense | Private use adjustment |
| Professional fees | expense |
Costs for professional services. For example: An accountant, solicitor or mortgage broker fees, or filing fees to Companies House. |
| Rent a room relief | expense | Amount of Rent-a-Room relief claimed during the period |
| Repairs | expense | Repairs, maintenance and renewals of property or equipment for your business. |
| Tax cost | expense | Cost of taxes |
| Travel | expense |
Travel expenses for the business. For example: Fuel, train, taxi or flight costs. |
| Uncategorised | expense | Costs where the category has not been found. Uncategorised items make your reports and tax estimate in the app less accurate. Make sure you update the category to explain these items and stay on top of your bookkeeping. If you can’t find the category you need, let us know. |
| Equipment | asset | The cost of purchasing equipment to be used by your business. For example: A computer or mobile device. |
| Equipment accumulated depreciation | asset | The total reduction in the value of equipment owned by your business, from when your business first owned the equipment up to a given date. |
| Trade debtors | asset | The value of sales invoices you have issued but have not yet been paid. |
| Cash | asset | The amount of funds held in your Countingup business account (your balance). |
| Petty cash | asset | Money owned by your business you keep in physical form (cash in hand). |
| Prepayments | asset | Something you have paid for in advance where you have not yet received the product or service paid for. Once you receive the product or service you (or your accountant) should update the category as appropriate. |
| Accrued income | asset | Income which has been earned but not yet received |
| Personal use | asset | Goods and/or services consumed personally rather than for the business |
| Suspense | asset | Used to temporarily store transactions for which there is uncertainty about where they should be recorded |
| Trade creditors | liability | The value of bills or purchase invoices you have received but not yet paid. |
| Accruals | liability | The value of services or products your business has received but which you have not yet paid for. Once you make payment, you (or your accountant) should update the category as appropriate. |
| Income in advance | liability | Income the business has received but has not provided the goods or services for |
| VAT | liability | The amount of VAT your business owes or pays to HMRC, or VAT amounts reclaimed from HMRC. |
| Tax liability | liability | The amount your business pays to HMRC for tax and National Insurance. |
| Loan | liability |
Money your business borrows. For example: A business loan from a bank. |
| My investment | equity | Money that you have invested in your business |
| Pay me | equity | Money you draw from the business and pay to yourself |
| Retained earnings | equity | The cumulative profit or loss made by your business since your business started. |
UK property business
| Category | Type | Example |
| Rent | income | Total rent and other income from property |
| Premiums received | income | Premiums received for the grant of a lease and other lump sums to possess a property |
| Reverse premiums | income | Payment or benefit received as an inducement to take an interest in a property |
| Other property income | income | Other income from property, such as rent charges and ground rents, income from letting others tip waste on your land, and income for the use of a caravan or houseboat at a fixed location |
| Rent a room income | income | Rental income received under the Rent a Room scheme for the period |
| Cost of services | expense | Cost of services provided including wages |
| Equipment depreciation | expense |
The reduction in the value of equipment owned by your business. For example: A computer or mobile device. These expenses are not eligible for tax relief. |
| Financial charges | expense |
Fees and charges from financial providers. For example: Charges from banks or building societies. Countingup monthly plan and transaction fees are financial charges. |
| Other costs | expense | You should only use this category for other allowable property expenses when you cannot find a more precise category to use. Can't find a category you need? Tell us here |
| Premises costs | expense |
Costs related to your business premises. For example: Rent, rates or utilities. |
| Private use | expense | Private use adjustment |
| Professional fees | expense |
Costs for professional services. For example: Accountant, solicitor or mortgage broker fees, or filing fees to Companies House. |
| Rent a room relief | expense | Amount of Rent-a-Room relief claimed during the period |
| Repairs | expense | Repairs, maintenance and renewals of property or equipment for your business. |
| Residential financial cost | expense | The residential financial cost that can be deductible from rental income (tax relief) |
| Restricted residential financial cost | expense | Amount of relief brought forward for restricted residential financial costs |
| Tax cost | expense | Cost of taxes |
| Travel | expense |
Travel expenses for the business. For example: Fuel, train, taxi or flight costs. |
| Uncategorised | expense | Costs where the category has not been found. Uncategorised items make your reports and tax estimate in the app less accurate. Make sure you update the category to explain these items and stay on top of your bookkeeping. If you can’t find the category you need, let us know. |
| Equipment | asset | The cost of purchasing equipment to be used by your business. For example: A computer or mobile device. |
| Equipment accumulated depreciation | asset | The total reduction in the value of equipment owned by your business, from when your business first owned the equipment up to a given date. |
| Trade debtors | asset | The value of sales invoices you have issued but have not yet been paid. |
| Cash | asset | The amount of funds held in your Countingup business account (your balance). |
| Petty cash | asset | Money owned by your business you keep in physical form (cash in hand). |
| Prepayments | asset | Something you have paid for in advance where you have not yet received the product or service paid for. Once you receive the product or service you (or your accountant) should update the category as appropriate. |
| Accrued income | asset | Income which has been earned but not yet received |
| Personal use | asset | Goods and/or services consumed personally rather than for the business |
| Suspense | asset | Used to temporarily store transactions for which there is uncertainty about where they should be recorded |
| Trade creditors | liability | The value of bills or purchase invoices you have received but not yet paid. |
| Accruals | liability | The value of services or products your business has received but which you have not yet paid for. Once you make payment, you (or your accountant) should update the category as appropriate. |
| Income in advance | liability | Income the business has received but has not provided the goods or services for |
| VAT | liability | The amount of VAT your business owes or pays to HMRC, or VAT amounts reclaimed from HMRC. |
| Tax liability | liability | The amount your business pays to HMRC for tax and National Insurance. |
| Loan | liability |
Money your business borrows. For example: A business loan from a bank. |
| My investment | equity | Money that you have invested in your business |
| Pay me | equity | Money you draw from the business and pay to yourself |
| Retained earnings | equity | The cumulative profit or loss made by your business since your business started. |
In the Countingup app you can check the meaning of a category by tapping the ‘i’ icon next to it in the category picker.