Most landlords start in a spreadsheet, and for one property it works. What changes is not the arithmetic — a spreadsheet can do the arithmetic forever — it is everything around it: where the numbers come from, whether they can be traced back to evidence, and what happens when HMRC wants four submissions a year instead of one.
Side by side
How a spreadsheet behaves, whatever template you started from.| LetLedger | Spreadsheets | |
|---|---|---|
| Where transactions come from | Imported from a connected bank feed and categorised on arrival. | Typed in by hand, or a CSV pasted in and tidied up each month. |
| Property attribution | Every transaction belongs to a property; the structure requires it. | A column you have to remember to fill in, consistently, every time. |
| When something is wrong | A transaction cannot sit uncategorised without appearing in the review queue. | A formula can be overwritten and nothing tells you until the totals look odd. |
| Receipts and evidence | Attached to the transaction they belong to, findable from it. | A separate folder, linked to the row by memory. |
| Audit trail | Every change recorded with who made it and when. | The last saved version, unless you keep dated copies yourself. |
| Making Tax Digital | Records kept as you go, ready for quarterly submission. | Needs bridging software to file; a spreadsheet cannot submit on its own. |
| Year end | Export an accountant-ready pack from records already reconciled. | Reconstruct twelve months from statements, then reconcile. |
| Compliance dates | Gas, electrical and EPC dates tracked, with reminders before they lapse. | A tab you remember to check. |
| Giving your accountant access | Granted per client, revocable, scoped to what you choose to share. | Email a copy and hope it is the current one. |
The spreadsheet is not the problem — the input is
A spreadsheet is a superb calculator and a poor system of record. It will hold whatever you type, including a figure typed twice or a month typed never, and it has no opinion about either. The work a landlord actually spends time on is getting accurate data into it, and that is the part a spreadsheet cannot help with.
What changes under Making Tax Digital
Quarterly submissions from compatible software mean the January reconstruction stops being viable. A spreadsheet can remain part of the process if it connects to software that can file, but the records have to be maintained through the year rather than assembled at the end of it.
Where the time actually goes
Not in the sums. It goes in matching payments to properties, chasing a receipt for a transaction from eight months ago, and working out whether a figure is rent or a deposit return. Structure removes those questions by not allowing them to arise.
When a spreadsheet is still the right answer
One property, one bank account, a landlord comfortable with the deadline. Software earns its place when the portfolio grows, the accounts multiply, or the record has to stand up to someone else's scrutiny — an accountant, a lender, or HMRC.
Frequently asked questions
Can I import my existing spreadsheet?
Yes — transactions can be brought in from a CSV export, then categorised and attached to properties in LetLedger. You are not retyping years of history.
Will my accountant still be able to work the way they do now?
They can be granted access directly, scoped to what you choose to share and revocable at any time, or you can export an accountant-ready pack. Both beat emailing a copy of a file and hoping it is current.
Is a spreadsheet allowed under MTD?
It can form part of your digital records, but it cannot make the submissions itself — it has to link to compatible software. Check your own position against current HMRC guidance.
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