Making tax digital - income from property

Support
1

Hello,

I’ve had a search and I can’t find the answer to this anywhere but I’m sure I’m not the only person in this situation so I hope it’s ok to start a new topic. I’ve signed up to Quickfile in order to comply with Making Tax Digital. I have income from my business but I also have income from property and both need to be uploaded digitally. Quickfile is set up to be for a single business so I’ve successfully managed that (and it’s working really well), but there is no facility I can find to add income from property without setting up a whole new account. My property business uses totally different software that includes a booking system so it will be a massive overhaul to break that down and start again, but I think the only solution at this stage is to set up a new Quickfile account off a different email and link that sepretely.

Is there a facility in Quickfile to add income and expenditure from property from my existing business? That way I could enter the headlines from that business as I currently do on the self assessment form. Alternatively, is there any idea whether, in the future, I will be able to add a second business on one account?

I’ve spoken to HMRC and they have advised that it’s my responsibility to sort this and that I need a different software provider if Quickfile cannot deliver which would be really frustrating.

2

Hello @ferguj

Yes QuickFile has the ability for you to do 2 submissions from 1 account (Self Employed business and Uk Porperty).

When you connect your HRMC account this information should be pulled from HMRC.

As a single account in QuickFile only has 1 nominal structure (chart of accounts) you would need to make sure that you enter your transactions for the property using different nominal codes to your self employed business.

For example
self employed sales = 4000 General Sales
property income = 4904 rental income

Same process for expenses

Support article - Adding a new nominal account

Once you have your property income entered you would then map the codes in Reports > Self Assessment > MTD Settings (there is a walkthrough of this process in this support video)

The submission process would then be
UK Property

  • Reports > Self Assessment > Select your UK property income source > New Update
  • Check the figures on the codes against the relevant profit and loss report
  • Once you are happy submit

Self Employed

  • Reports > Self Assessment > Select your self employment income source > New Update
  • Check the figures on the codes against the relevant profit and loss report
  • Once you are happy submit
3

Thank you, I’ll give that a go!