In order to comply with HMRC implemented directive DAC7 all agencies are required to gather specific information about the owners of the properties they are marketing.
For further information about the DAC7 implementation, please see this help centre article.
To add the required information for existing owners,
1) go to Agency > Edit owner
2) scroll to the section Seller information
Please note:
Depending which option has been selected the further data required will slightly vary.
3) From the DAC7 category drop-down menu select one of the following options:
a) Individual
Select this option when the recipient of the funds paid out according to the Owner payment tab in a booking and/or the entries in the owner statement is a specific person / are specific persons.
The most information to be collected is for individual owners.
Please note:
The name of the owners may be Mr and Mrs Smith, but the actual “seller” (the person who’s name is assigned to receive the payments) may be only Mr Smith.
The actual recipient of the monies needs to be entered.
In most cases this will be the owner.
As the owners' data is protected by GDPR, there are a number of fields that will be encrypted. This means you will see **** instead of the actual data.
If your user login has been set up for you to be able to read this data, you will see an icon in shape of an eye to the right of the fields.
b) Business
If it is not a person, but a business receiving the monies this option needs to be selected.
c) Not required
If the owner / business owning the property is not a resident of the UK, this option should be selected.
4) Add all relevant data in all fields.
5) Scroll to the bottom of the page and click Save.
Tip:
Not all information will be available to the agency. It is therefore possible to enable the owner to add any missing information using the Owner login.
Please see this help centre article for information about enabling this option for you owners.
Please see this help centre article how to email your owners in order for them to fill out all relevant information using the owner login.