I’m brand new here.
I want to create a new account on QuickFile, but the sign-up page tells me that I can’t change my business type later.
So, if I’m currently practicing as a sole trader, and later decide to become a limited company, then what? Do I have to export my data, delete my old account, create a new account, and import the data?
Or is there a more sensible way?
This for legal reasons, Ltd company is separate legal entity though its your business but law considers you and your ltd co as two separate legal entities, also rules and regulations are different for accounts and taxation.
As FaradayKeynes says, it’s important to keep sole trader and ltd co accounting data separate as they’re accounts for two distinct legal entities, but QuickFile staff are able to copy across your client and supplier details from a sole trader to a ltd account or vice versa to get you started. Just not the invoices, payments and banking as those must be kept separate.
If this is something you plan to do in future I’d suggest speaking to an accountant first.
Thank you, everyone, for your responses. I understand the rationale now.
I had thought that you could keep multiple books in a single account, but you’re right, it’s best to keep them in separate accounts so that there’s no accidental intermingling.
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