Rent a Room scheme/Soletrader

Accounting
1

Hey,

I have a soletrader account in quickfile

Is there a way I can log rental income in quickfile to keep track of it, it will be below the threshold.
Its not part of my business but I don’t want to create another account just for one thing.

Thanks,

Ian

2

Hello Ian

You can but I would reccomend making sure any postings go to different nominal codes to your sole trader invoices.

For example create your own nominal codes and prefix them with “Rental” (e.g. rental income). This sets you up so when/if you have to do MTD ITSA submissions the reports can differentiate between the 2 sets of transactions.

3

Thanks @QFSteve .

How I would I ensure it doesn’t get added to my P&L?

4

Hello @itierney

In a single account there is only 1 chart of accounts if you do not want the rental income to impact your sole trader business you would have to use a separate account to keep the transactions completly seperate.

5

Is there some way to exclude it form the P&L or separate it for however it should appear in MTD?

6

MTDITSA uses a mapping screen

self employed businesses - include codes on the self employed mapping
UK Property - include codes on the UK property mapping

An example of property mapping can be seen on this support video - https://www.youtube.com/watch?v=8_r_r199HE0&t=11s

but as there is only 1 chart of accounts all codes would appear on the profit and loss.