I’m trying to set up MTD. I have 3 sources of income, property income, self employed business and self employed freelance contracts. I’ve successfully mapped the property income but am unable to divide (map the income sources for) the 2 types of self-employed income as the drop down for mapping only has Business Type - Self Employed or Business Type - UK Property. I’m a small business owner trying to sort this out by myself as don’t have an accountant. I feel completely lost trying to navigate what it is I’m supposed to do to get these reports to HMRC. Can anyone advise?
Hello @M0t0wn
You can not submit cumualative updates for 2 self employed bussiness in a single quickfile account
The records for both self employed business would need to be stored in there own QuickFile account
Ok, that’s really frustrating as both Self-employed businesses come into the one bank account so I’m not even sure how I would set up the new Accounts in the new QF account. Plus, I would then need to pay for another Poweruser account as well. I would have chosen different software if I’d realised this.
I’ll need to get in touch with HMRC as I’ve no idea how to configure this with QF now.
Hello @M0t0wn
- 1 account for 1 self employed business
You can connect the bank if you wish, any none related transactions tag as transfer to propriters drawings account
or just enter related bank transactions
- 1 account for self employed and Property account
You can connect the bank if you wish, any none related transactions tag as transfer to propriters drawings account
or just enter related bank transactions
of if you wish you can keep all three separate in their own accounts
I would still need to subscribe the new account to be a Power user account though, so another £72. I’ve spoken to HMRC, who have agreed to consolidate my self-employed income into one source in the short term. I’ll start to look at other providers and how they work prior to my contract renewal with Quickfile later this year as this set up won’t work for me going forward.
If you have an Affinity account, you can manage multiple QuickFile accounts from a single login, making it easy to switch between them while keeping each income source separate.
Affinity connected accounts do not require separate power user subscriptions.
Instead affinity connected accounts incur a small daily charge billed monthly and the MTD ITSA module can be enabled on relevant accounts for (£20+vat) so this will also work out cheaper