Sole Trader & Landlord Quickbooks, Xero or Kashflow

[Aerate]

The government are prising my massively intuitive, custom-built (by me) series of excel spreadsheets from my cold, dead hands and I need a single solution to being a sole trader joiner (who occasionally has to deal with CIS deductions – which inevitably disappear off the face of the earth), a property which I let in partnership with my wife, and an Air BnB in partnership with my wife. My wife is a sole trader yoga teacher. Ideally we would both use the same piece of software and it would spit out all the MTD / Self Assessment bobbins which stops us getting on with actually putting a shoulder to the wheel of the economy.

Quickbooks, Xero and Kashflow seem to be front runners, but I get mightily pissed-off with having to pay a subscription for something I can do in Excel, so they had better add some value.

I don't want to spend my time 'running a business'. I want to go and work!

What would you do?

Thx

[Eric Mc]

Income from jointly owned properties and trading business partnerships are excluded from MTD - for the foreseeable future.

[LooneyTunes]

Any of those should work provided they generate and send proper invoices to/for customers.

Some of the systems claim to generate invoices but then force customers to click through to download them. It is a massive PITA vs simply forwarding a per to our Xero to automatically upload.

If your customers are other companies as customers then it’s something worth considering. One of our main suppliers recently switched to Tradify (which forces you to click through to download). It’s been sufficiently inconvenient that it’s meant that they’re now sharing the business with one of their competitors when previously they had all of it.

Probably less of an issue if your customers are all private customers.

[MaxFromage]

Eric Mc said:

Income from jointly owned properties and trading business partnerships are excluded from MTD - for the foreseeable future.

I understood that you still have to report jointly owned properties but there are simplifications?:

https://www.gov.uk/government/publications/digital...

[Eric Mc]

News to me. I'll await a clearer explanation from the tax community.

[megaphone]

OP who do you bank with? Some banks or credit cards offer 'free' accounting software with their business accounts. Eg Barclaycard includes Freshbooks free .

Also there is MTD bridging software available , this will allow you to still use you spreadsheet calculations, you just fill in the totals and send the results to HMRC.

Edited by megaphone on Tuesday 10th February 08:06

Edited by megaphone on Tuesday 10th February 08:07

Edited by megaphone on Tuesday 10th February 08:16

[Wings]

Following using HMRC’s link below, and being a landlord, I have started to use Clear Books software:-

https://www.gov.uk/guidance/find-software-that-wor...