Trading and Rental Income separation within Quickfile?

[Sparky]

Hi, Firstly please forgive my lack of accounting terminology and knowledge.

I am a self employed Electrician AND Landlord.

There are 3 HSBC Bank accounts I use :

1. Personal
2. Rental Income and Expenditure
3. Trading Income and Expenditure
   I would like to use all of these within my Quickfile, perhaps having some sort of non ‘TAX accounting’ account/s to ‘TAG’ items to.

My question is how can I separate these parts of my self employed income?
In terms of reporting, my rental profits are do not attract National Insurance contributions BUT are subject to the new rules for mortgage interest (tax relief replacement) currently being phased in.

Many thanks for any support you can offer .

Shaun

[QFBeth]

Hi Shaun,

I am not an accountant so cannot offer you advise regarding specifics but you could use the project tags facility.

You will then be able to run a Profit and Loss for each individual project which may help you?

Sorry I couldn’t be more help

[Sparky]

Thanks Beth,

I was thinking of ‘Project Tagging’ but am unsure how it will work, also if I can undo or reassign project tags?
Is it possible to have projects within a project? ie Project ‘Rental’ and Individual property @projects’ within?
Can I leave my existing ‘Trading income/expenses’ as they are of ‘export’ them to ‘Trading’ Project?

[tellytart]

You can have multiple project tags on an invoice/purchase, So you could have a “Rental” tag that everything is tagged with, and a “Rental-PropertyName” tag so that you can break it down by property.

[Sparky]

Thanks Richard,

How will my ‘un project tagged’ Trading be treated?

[tellytart]

They aren’t listed in the project reports.