Please note:
This article is mainly for agencies that:
- have moved from a SuperControl Owner account to an Agency account in order to use the DAC7 features in SuperControl
- have until now managed everything concerning recording payments to their owners and the relating statements and out side of SuperControl
If you are an agency that has until know managed payments to their owners and the records thereof outside of SuperControl, you will need to check and possibly amend the financial data held within SuperControl before using the DAC7 report feature.
All owner statements need to accurately reflect the owners' income and expenses before the data is being submitted to HMRC via the SuperControl DAC7 report.
Please note:
As the financial data of the owners is being forwarded to HMRC, it is crucial that this data is accurate, and also up-to-date.
If the data is inaccurate, it might cause discrepancies and delays.
You need to adjust the individual bookings as required. The corrected data will be automatically be forwarded to the owner's statement.
This is important for two reasons:
- Editing payment entries in the statement itself can cause issues that might take further time and efforts to correct.
The payment entries in the Owner payment tab in the bookings should correctly show the amounts paid to the owner, how much commission was charged and any other amounts paid to the owner or yourself (the agency). - The payments linked to specific bookings are categorized as Immovable Property in the XML report submission. In contrast, payments not tied to bookings fall under Personal Services.
How to edit a payment entry in a booking:
- Go into the booking
- Click the Owner payment tab.
- Click Edit to the right of the payment the needs to be amended.
A pop-up will appear.
- Amend the payment figures as required.
- Click Save.
The pop-up will close and the booking will be refreshed.
To check, if the amendments show now the correct figures, you need to go back into the Owner payment tab.
Please note:
The Total GBP field can not be amended. It is automatically calculated by adding the figures in the Owner payment GBP and Commission GBP fields.
Once all bookings have been amended, you can proceed with adding payment runs to the statement. This means you are selecting individual payment entries forwarded from the bookings to the statement and add them all up into one payment to the owner entry (payment run).
Ones the individual payment entries have been added to a payment run, they can no longer be modified. Neither in the statement nor in the booking.
You can add a payment run every quarter, twice annually or for the whole year when clearing the statement of historic entries (payments that have already been made to the owner in the past, but have not yet been recorded in SuperControl).
The screenshot below shows the quarterly figures for an owner as per the payment runs added to the statement.
You can see this data in the report preview once it has been completed.
Please note:
The preview is not the actual report, but a user readable version of the data contained within the report.
This preview can't be amended or otherwise be changed.
Please note:
Should you have added a payment run to a statement and therefore locked the individual payments, the payment run will either be locked or unlocked.
If it is locked and you need to make further changes to a payment entry added to it, please contact the Support Team ([email protected]) so that we can unlock the payment run, enabling you to delete it and with that provide the option to amend the individual payment entries in a booking (again).
During the transitional period in 2024, agencies are not required to conduct due diligence or report on sellers registered before January 1, 2024. For your first submission in January 2025 we suggest focussing on collecting data for owners created in 2024. This will minimize the workload and streamline the reporting process.
Remember to apply for the Extended Due Diligence Relief when adding a reporting notification.
For those owners required to be in your current 2025 submission (for 2024 payments), please see the video guide below detailing how best to adjust the statement and account for payments you have managed outwith the Owner statement in SuperControl, in order to reflect the actual payment you have made to the owners.
For owners not required in the current 2025 submission but included in future submissions, follow these best practices:
- Ensure that each owner has a Zero Brought forward balance:
Mark all records up to December 31, 2024, as paid to achieve a starting balance of £0 by January 1, 2025. This simplifies the accounting process for payments moving forward.
- Statement Start Date:
Ensure the statement start dates go back far enough to capture all relevant records for accurate reporting.
Here is a video demonstration on how to effectively clear the statements to achieve a starting balance of £0 by January 1, 2025. We also strongly recommend that you regularly review and process month end payment runs within SuperControl, following the best practices outlined below.
For agencies, the monthly payment run can pose a range of intricacies, with differing fees being transferred to multiple owners. These can be either real people or virtual owners to account for e.g. booking fees.
SuperControl can help you streamline this process with a variety of helpful tools on offer to support you.
Please watch our two videos below that detail each step of the process and other important considerations.
1. Adding Expenses, Paying owners individually and paying commission to agency
2. Agency Learning Lab - Managing your Month-End Payment Run: Best Practice