I am a sole trader and private landlord (one property) and I trying to complete my first quarterly return. I have a sole trader account but I can’t workout how to input my rental income and expenses. Do I need to set a new landlord account? How do I do that? How do I link both types of income to my quarterly return submission?
Please help
Hello @PTD
Although it is technically possible to file both a sole trader business and a UK property business from a single QuickFile account using nominal code mappings (Configuring your Cumulative Update Nominal Mappings), this isn’t the approach we recommend.
As you has two distinct taxable income sources (a sole trader business and a UK property business), each should ideally be maintained in its own separate QuickFile account.
This keeps the bookkeeping records completely separate, makes reporting much clearer, and reduces the risk of transactions being allocated to the wrong income source.
The bank accounts themselves don’t need to be linked or unlinked. What determines which MTD submission the figures appear in is the nominal code mapping, not the bank account.
Our recommendation would therefore be to keep:
Your sole trader business in one QuickFile account; and
Your UK property business in a separate QuickFile account.
If you have an Affinity account (QuickFile Affinity overview), you can manage both QuickFile accounts from a single login, making it easy to switch between them while keeping each income source separate.
You would then file the Cumulative Updates and Annual Summary for each income source from its respective QuickFile account, before completing the Other Income Sources and Final Declaration from one chosen QuickFile account.