MTD - Landlord husband and wife

Support
1

I am looking to use Quickfile for MTD for both myself and wife.

I want this to be as simple a process as possible.

All transactions go through bank accounts or credit cards and I can allocate each transaction to its appropriate tax code for the tax teturn eg 44 for mortgage payments or category 25 repairs etc by tagging.

I would like to.use this data as a basis for submissions for MTD ie the submission comes from profit and loss data.

  1. Does quickfile allow this and if so how?
  2. I have read quickfile doesn’t allow splitting for partners, so I would need separate quickfile landlord accounts? If so I would propose extracting feeds from.rhe bank into excel.and then halving all amounts before import to Quickfile? as the houses are owned jointly. This seems time consuming though. Does anyone have a better way?
2

Hello @Tims

At present if you and your wife submit you own returns you would both need a QuickFile account and the income would need to be apportioned.

We are looking at introducing a tool to apportion income across multiple accounts but it is beyond the scope of the HMRC pilot and would not be released until April 2026

3

Thank you - much appreciated. Do you know if QF can split bank receipts within an account eg If phone is £30 allowing 20% to be allocated to the rental business rather than the full amount of the transaction?

4

Hello @Tims

The easiest way is to use a Merchant account.

  • Tag the £30 as a transfer to the Merchant account
  • Make 2 payments for the 2 invoices in the holding account

The Merchant account balance would then also be zero

https://support.quickfile.co.uk/t/handling-payments-from-merchant-accounts/8865