Since MTD for the self employed and for those with property income was announced I have been reading as much as I can about it.
The total joint income threshold of just £10,000 (Self employment turnover plus property rental income), will put 20+ of our clients into that bracket… So we will have to migrate those from our own system into quickfile.
We have started the preparations and have many unanswered questions, the main one is as follows:
When a self employed person with a £8,000 turnover who also has a property producing £7,000 rent, has exceeded the £10k threshold for MTD so switches to Quickfile for the self employment how does he/she report the property rental?
The property rental has to be kept separate from the self employment so will quickfile have a separate place on the quarterly submissions for the rent and the odd rental expense as these only require a few entries?