Making Tax Digital question
Discussion
My wife and I are both self employed so will be doing MTD in the near future. I think I'm fairly sorted as I can use FreeAgent through my Mettle business account. It's already up and running and ready to do the quarterly reports when I need to ask it to.
My question is actually about my wife's situation. She runs her own business but is also a landlord as she rents out the property she used to live in before we met. There seems to be very little info available on how to manage MTD with more than one business. I imagine she can't be the only one who will need to do this. Does anyone know how it works please? Will she need to run two different software packages, one for her business and the other as a landlord or can it all be done from one platform?
Appreciate any advice from those who have done this already thanks.
My question is actually about my wife's situation. She runs her own business but is also a landlord as she rents out the property she used to live in before we met. There seems to be very little info available on how to manage MTD with more than one business. I imagine she can't be the only one who will need to do this. Does anyone know how it works please? Will she need to run two different software packages, one for her business and the other as a landlord or can it all be done from one platform?
Appreciate any advice from those who have done this already thanks.
Long thread in the business section on MTD. Might be worth a read
Or look at this link
https://www.bishopfleming.co.uk/insights/making-ta...
Or look at this link
https://www.bishopfleming.co.uk/insights/making-ta...
Edited by uknick on Monday 12th October 21:20
Edited by uknick on Monday 12th October 21:21
ChrisH72 said:
My wife and I are both self employed so will be doing MTD in the near future. I think I'm fairly sorted as I can use FreeAgent through my Mettle business account. It's already up and running and ready to do the quarterly reports when I need to ask it to.
My question is actually about my wife's situation. She runs her own business but is also a landlord as she rents out the property she used to live in before we met. There seems to be very little info available on how to manage MTD with more than one business. I imagine she can't be the only one who will need to do this. Does anyone know how it works please? Will she need to run two different software packages, one for her business and the other as a landlord or can it all be done from one platform?
Appreciate any advice from those who have done this already thanks.
You don't need 2 different ones, they can be linked with the same. My question is actually about my wife's situation. She runs her own business but is also a landlord as she rents out the property she used to live in before we met. There seems to be very little info available on how to manage MTD with more than one business. I imagine she can't be the only one who will need to do this. Does anyone know how it works please? Will she need to run two different software packages, one for her business and the other as a landlord or can it all be done from one platform?
Appreciate any advice from those who have done this already thanks.
I previously used Quickbooks but this year moved to Pandle and both handle my landlord and business income easily for MTD
I would have thought freeagent may offer similar?
So you can pick your platform (free agent for example) and have two accounts?
That seems to be correct. The link says you need to make the 4 submissions for each business so she will need to do 8 in total.
If you register 2 accounts I presume you pay twice?
I have FreeAgent free of charge via Mettle but my wife banks with Monzo so would probably not use FreeAgent. I know she is keen to use free software if possible and as her accounts are very straightforward I think that could be done.
That seems to be correct. The link says you need to make the 4 submissions for each business so she will need to do 8 in total.
If you register 2 accounts I presume you pay twice?
I have FreeAgent free of charge via Mettle but my wife banks with Monzo so would probably not use FreeAgent. I know she is keen to use free software if possible and as her accounts are very straightforward I think that could be done.
I need to submit MTD Self-Employed statements & Property statements, and my wife needs to submit Property statements, three in total
We have a single annual subscription to MTD Companion which covers all three (£49 from memory) - we can each separately log in to it using NI number for our submissions. It's a bridging solution relying on existing spreadsheets and works very well for us as we have spreadsheets we've used for many years to manage all three businesses and were reluctant to change to 'full' accounting software. We needed to contact MTD Companion product support for a few clarifications and it really was excellent
We have a single annual subscription to MTD Companion which covers all three (£49 from memory) - we can each separately log in to it using NI number for our submissions. It's a bridging solution relying on existing spreadsheets and works very well for us as we have spreadsheets we've used for many years to manage all three businesses and were reluctant to change to 'full' accounting software. We needed to contact MTD Companion product support for a few clarifications and it really was excellent
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