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Record Keeping as a Sole Trader & Private Landlord

I’m happy keeping records for my full time sole trader activity, but have found little to address my specific question regarding, soon to be, additional private landlord income.

While I haven’t found an explicit answer, everything I have read so far would suggest that I need to declare income/expenses related to the property separately in my annual self assessment. To me, this suggests I would need to keep two sets of records.

Am I right in this assumption or is there a simpler way to manage this?

Many thanks,

Barry

You’re assumption is correct. Purely on the basis that both your sole trade and your rental are seperate businesses and therefore would not be mixed up In one account.

Just like they are seperated on your self assessment.

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Thanks for confirming that Paul, your response is very much appreciated.

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