How do i include both my (different, but with the same UTR) businesses into my quick file account?
And how do i send a total tax return of the two businesses to HMRC?
Thank you,
Regards,
Jil.
Hi,
If you run 2 completely separateed businesses (2 separate legal entities) then you will need 2 quickfille accounts.
If you use just 2 ‘trading styles’ then you can do 2 trading styles in one account.
Hope this helps
Hi, thank you for your answer.
I have two businesses, under the same UTR number, but trading two completely different services, I’m not sure which one of your suggestions this would apply… ?
Thank you.
Jil
Are you sole trader or a limited, are you vat registered?
Sole trader, not VAT registered.
The question can only you answer, or hmrc (maybe it’s worth phoning them). You can have two 2 separate legal entities with one UTR as a sole trader but, you can also have one business with two trading styles and one UTR. Both is possible. It is maybe best to use two accounts, one for each business. When it comes to your self-assessment tax return, you can enter that you have two incomes (two businesses) and you will enter the amounts for both businesses in your (one) tax return. Hope that makes sense.
Just to let you know, you don’t do your tax return in quickfile, you can do it on the hmrc website or with 3rd party software.
But as I said, it is best to find out whether it is one business with two trading styles or two businesses. For now it makes no different if you have them in two accounts (to keep things separate) but when it comes to MTD ITSA in 2 years time or so, you are maybe required to have it all in one account if it is only one business.
I also have to say, I am not an accountant and I would recommend to speak to one.
Thank you very much for your help.
Will do.
Kind regards.
Jil.
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