MTD Income Tax multiple businesses

How-to
1

Hi. I have read various topics on this but none seem to have an answer. I have 3 businesses (1x furnished holiday let, 1x landlord and 1x sole trading business) which combined are over the MTD ITSA threshold. From the topics I have read I will need a QF account for each business, but what is not clear to me is how I do a consolidated MTD submission for the combined businesses. I looked at Affinity but that does not seem to have any private individual MTD functionality that consolidates individual QF accounts for MTD submission (quarterly or final). Appreciate any guidance you can give. Thanks

2

Hello @peterjland

You can do this in one account (as long as none of them are limited companies), you would just split the income streams up by nominal category.

https://support.quickfile.co.uk/t/mtd-periodic-update-report/17531

3

Steve, is this correct?

  1. MTD does not apply to limited companies

  2. Current HMRC guidance is that a separate quarterly submission is required for

  • Each UK sole trade
  • UK Property

So my reading of the above is that 2 submissions will be needed, one for the sole trade, one for the properties (which can be added together). Not sure that Quickfile will do this in one account?

By the way, for the OP, the Furnished Holiday Let regime was discontinued as of 05/04/025. All property is now treated the same.

Caveat: HMRC are still changing their minds on a lot of things, so the rules are not yet finalised!

4

Hello @peterjland

  1. MTD does not apply to limited companies

Correct MTD is not applicable for UK companies, only sole traders and landlords

  1. Current HMRC guidance is that a separate quarterly submission is required for
  • Each UK sole trade
  • UK Property

Yes you submit a distinct cumulative update for each of the following:

  • Self-employment business (1 per business)
  • UK Property (1 update for all UK properties)
  • Foreign Property (1 update for all foreign properties)

Not sure that Quickfile will do this in one account?

Yes we do support handling of UK property and self employment in 1 account

Details here

Caveat: HMRC are still changing their minds on a lot of things, so the rules are not yet finalised!

The processes mentioned above are what we have in scope for the HMRC pilot as it stands.

5

Hi Peter.

I’m in exactly the same position as you; with a holiday let, a tenancy let and a business (therapist). It was useful to hear from you and receive this response from QB Steve, on how these separate streams can be processed collectively via QB.

However, can I ask whether you have 3 separate bank accounts (or perhaps just 2) that link directly into QB? If so have you found some bank accounts more compatible than others?

Many thanks, Sue

6

Hi Sue - cannot help with that as I do not do linked bank accounts at all.

7

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