I have 2 shops, 1 established and 1 new. Both shops are under the same partnership with my wife and I. Recently registered for VAT and due to submit my 1st VAT return soon. As both shops are under the same partnership, I have 1 VAT number. In Quickfile, I have 2 separate sets of accounts (1 for each shop). When linking / registering with HMRC for Making Tax Digital, can I link both sets of accounts from Quickfile to the same HMRC VAT number account in order to group the 2 shops into the same vat submission? Will HMRC automatically combine the 2 submissions into 1 as they are submitted to the same account?
Hope this makes sense.
Thanks
Phil
Thanks for your reply. Just had a quick look at the trading styles. From what I can gather this is just a way to differentiate between 2 outlets for clients. What I am trying to do is have financial accounts for both shops so I can track how each shop is doing even though the ‘Partnership’ covers both for reporting purposes. Is there a way of doing this under 1 Quickfile account?
This would work to some extent but i’d still need overheads recorded etc.
After some thought, I’m thinking I could create new nominal accounts to match the existing business categories.
ie.
Existing shop sales are under - 4000 General sales
New shop sales could go under - 4001 General Sales (new shop name)
Existing shop purchases are under - 5000 General purchases
New shop purchases could go under 5010 General purchases (new shop name)
And so on…
This will keep all accounts under 1 Quickfile account but give me some visibility on income and costs for both shops.