I have used Quickfile for several years for business as a sole trader. All set to submit returns on MTD Self Assessment. I am now letting out a flat and I need to enter that too with HMRC.
Can I set up my QF sole trader account to handle the property also or do I need a second QF account with separate email for that?
And if I do need a second QF account, will I be able to link that to the same HMRC account for MTDSA?
Hello @John_Hodge
You can do this using one account.
You would just split the income streams using nominal codes, e.g. 4000 general sales, 4001 rental income
https://support.quickfile.co.uk/t/configuring-your-cumulative-update-nominal-mappings/60660
Detailed MTD ITSA guidance
Hello Steve,
Thank you very much for taking the time to reply. This is very helpful – of course I should have read the page you linked.
But one further question – do I just draw up invoices/receipts for the property in with same “new sale”/”new purchase” option I use for sole trader business and then assign them a code for the cumulative update? I’ve read about needing the QF Landlord dashboard for property invoices etc but it seemed I couldn’t switch between dashboards.
Many thanks
John
Hello John
You can do it either way (manual invoices or via landlord dashboard).
The landlord options can be enabled in sole trader accounts, it just provides an easier interface.
https://support.quickfile.co.uk/t/landlord-bookkeeping-basics/47318
Thank you very much, again. Got it all clear now.
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