Hammock

Hammock is a UK-based financial technology company that provides a comprehensive accounting platform designed specifically for landlords. The firm offers services encompassing bookkeeping, property tax statements, and investment insights to assist landlords in managing their rental properties. Hammock was established with the aim of enabling property owners to transition from traditional manual methods, such as spreadsheets and paper notes, to a more streamlined and automated system for their property finances. A core aspect of Hammock's offering is its compatibility with Making Tax Digital (MTD) for Income Tax, being the first landlord software to receive recognition from HMRC for this purpose. The platform facilitates the submission of quarterly MTD filings, allowing landlords to maintain an up-to-date overview of their taxable income and expenses. By providing real-time tracking of financial data, Hammock helps landlords stay informed about their financial position and prepare for tax obligations efficiently. The company's platform integrates various features to simplify property finance management. Hammock provides automated bookkeeping services, which include the real-time reconciliation of rent payments and property expenses, accompanied by instant notifications. Landlords can securely connect an unlimited number of bank feeds, with Hammock Financial Services Ltd being registered with the Financial Conduct Authority (FCA register no. 911254) for account information services. Additionally, the software offers investment insights, presenting key metrics such as loan-to-value ratios, rental yields, arrears balances, occupancy rates, and profit and loss statements, accessible at any time. Compliance monitoring is also a feature, with the system providing notifications and alerts for expiring documents and certificates. Hammock's services are accessible through a web application and dedicated mobile apps for both Apple and Android devices, allowing landlords to manage their property finances on the go. The platform supports various property ownership structures, including individual ownership, joint ownership, partnerships, and properties held within limited companies. This flexibility ensures that a diverse range of landlords, from those managing a single property to those with extensive portfolios, can utilise the software to centralise and simplify their financial administration. The company's focus is on providing a comprehensive financial management tool for landlords across the UK. While the platform supports various rental property types, including Houses in Multiple Occupation (HMOs), its primary scope is broad landlord financial management rather than specifically catering to Purpose-Built Student Accommodation (PBSA).

Hammock provides landlord software designed to assist property owners in managing their rental finances and complying with Making Tax Digital (MTD) regulations in the UK. The company offers an automated bookkeeping solution that helps landlords track income and expenses, generate property tax statements, and gain investment insights. Hammock aims to simplify financial management for landlords, allowing them to stay organised and prepare for MTD requirements. The platform is accessible via a web interface and dedicated mobile applications, available on both the App Store and Google Play.

A central feature of Hammock's offering is its MTD-compatible software, which enables landlords to submit quarterly MTD filings and their MTD Final Declaration directly from the platform. The system is designed to keep taxable income and expenses up-to-date in real-time, consolidating all receipts in one place. Hammock facilitates real-time bookkeeping by automatically reconciling rent payments and property expenses, providing instant notifications for financial activities. This functionality supports landlords in maintaining accurate financial records and preparing for their tax obligations efficiently. The software also includes specific features for HMO bookkeeping, ensuring comprehensive coverage for various property types.

Beyond tax compliance and bookkeeping, Hammock offers tools for investment insights, providing landlords with a comprehensive overview of their buy-to-let portfolios. Users can monitor key performance indicators such as loan-to-value ratios, rental yields, arrears balances, and occupancy rates. This data is available 24/7, allowing landlords to assess the performance of their investments at a glance. The platform generates up-to-date reports, helping property owners make informed decisions regarding their portfolio. Hammock's system is built to manage all property finances in one centralised location, streamlining the oversight of multiple properties and tenancies.

Hammock supports unlimited bank feeds, ensuring that financial data is continuously updated and reconciled automatically. The platform also includes user management features, which can be beneficial for landlords who work with property managers or accountants. Support is available via email and phone, providing assistance to users as needed. The company offers a 30-day free trial, allowing prospective users to explore the software's capabilities before committing. Hammock's system is designed to power thousands of properties, indicating its scalability and broad application across the landlord sector.

While Hammock's software is designed for general landlords, its comprehensive features for financial management, MTD compliance, and portfolio oversight can be relevant to operators in the Purpose-Built Student Accommodation (PBSA) sector. PBSA providers, who manage multiple tenancies and properties, can utilise Hammock's automated bookkeeping to track rental income and expenses specific to student accommodation. The real-time reporting and investment insights, including occupancy rates and rental yields, could assist PBSA operators in monitoring the financial health and performance of their student housing portfolios. The ability to manage numerous properties and tenancies, combined with MTD filing capabilities, makes Hammock a potential tool for PBSA companies seeking to streamline their financial operations and ensure tax compliance.