MTD quarterly reports
Discussion
I'm confused and before you say 'ask your accountant' I don't have one as my returns are simple enough to do myself. Or at least they were...
Our business is a partnership, so no current requirement for quarterly reports, but I am also a landlord (solo) - this means I do have to provide a quarterly report I think, only problem is I'm not sure how to link my partnership profits (losses) into a return that I can submit digitally. Anyone got any ideas as all my googling has done is confuse me even more
Our business is a partnership, so no current requirement for quarterly reports, but I am also a landlord (solo) - this means I do have to provide a quarterly report I think, only problem is I'm not sure how to link my partnership profits (losses) into a return that I can submit digitally. Anyone got any ideas as all my googling has done is confuse me even more
Sideways Tim said:
I'm confused and before you say 'ask your accountant' I don't have one as my returns are simple enough to do myself. Or at least they were...
Our business is a partnership, so no current requirement for quarterly reports, but I am also a landlord (solo) - this means I do have to provide a quarterly report I think, only problem is I'm not sure how to link my partnership profits (losses) into a return that I can submit digitally. Anyone got any ideas as all my googling has done is confuse me even more
Did you receive a letter from HMRC saying you need to sign up for MTD? Is your qualifying income over £50k?Our business is a partnership, so no current requirement for quarterly reports, but I am also a landlord (solo) - this means I do have to provide a quarterly report I think, only problem is I'm not sure how to link my partnership profits (losses) into a return that I can submit digitally. Anyone got any ideas as all my googling has done is confuse me even more
https://www.gov.uk/guidance/work-out-your-qualifyi...
Mr Pointy said:
Did you receive a letter from HMRC saying you need to sign up for MTD? Is your qualifying income over £50k?
https://www.gov.uk/guidance/work-out-your-qualifyi...
Yes, and yes. However having just spoken to HMRC they have confirmed that as a partnership we don t need to do a quarterly return yet, so it s just my personal return to do, which I can mange.https://www.gov.uk/guidance/work-out-your-qualifyi...
Thanks all.
Edited by Sideways Tim on Tuesday 21st July 13:21
Sideways Tim said:
Nope. The partnership is a 50/50 split, the rental income is solely in my name.
Struggling to find a MTD software provider that will actually connect to the account used for the rental income, which is obviously banked separately from the partnership.
Are you using a normal bank?Struggling to find a MTD software provider that will actually connect to the account used for the rental income, which is obviously banked separately from the partnership.
Mr Pointy said:
Are you using a normal bank?
Yep, Cooperative. I’ve always used that account for the rental income, but it is not a business account and gets used for personal transactions too. I’ve just done simple accounting with it as there’s only one monthly income and very few occasional outgoings.My wife is in a similar position. She is a sole trader but also has a rental property. Her income is under 50k so MTD will kick in next year. I know she used to have rental income paid into her personal bank account but she has just changed it to one which can be linked to MTD software.
I'm self employed and will also do MTD next year. I opened a Mettle account which gets Freeagent software for nothing. I'm using it this year to get used to it.
You could maybe just change your bank account and inform tenants to pay into the new one?
I'm self employed and will also do MTD next year. I opened a Mettle account which gets Freeagent software for nothing. I'm using it this year to get used to it.
You could maybe just change your bank account and inform tenants to pay into the new one?
We use freeagent for the partnership via a RBOS account, but that doesn t give me the ability to submit yet, so I ve been using a third party option. To be honest, I think we ll probably have to sell the rental in the near future so I ll just figure out a way to do a few manual submissions in the mean time. At least I can refer to the phone call I had with a very helpful HMRC person this morning to show I have tried.
If I changed the account now, it won’t be much use for the 2025 period that the return will be based on.
If I changed the account now, it won’t be much use for the 2025 period that the return will be based on.
Eric Mc said:
Don't assume anything.
Insightful, thanks, great contribution. Quick Google does indeed show a plethora of excel options, far less onerous than Xero etc for me. I'm a partnership so in due course that's what I'll be doing. For the OP landlord qu. I'd assume this is simplestHave a look at THIS
I use their free service for MTD vat, I will (hopefully) be able to do the same for MTD tax, find out this weekend when I do my quarterly books!
Worth noting that even though I am well over the turnover threshold I have had no notifications from HMRC for any of this and I assume anything I submit will be completely ignored and pointless. There was mention on the MTD thread that no fines for late submissions will be issued in the short term at least.
I use their free service for MTD vat, I will (hopefully) be able to do the same for MTD tax, find out this weekend when I do my quarterly books!
Worth noting that even though I am well over the turnover threshold I have had no notifications from HMRC for any of this and I assume anything I submit will be completely ignored and pointless. There was mention on the MTD thread that no fines for late submissions will be issued in the short term at least.
v8notbrave said:
Insightful, thanks, great contribution. Quick Google does indeed show a plethora of excel options, far less onerous than Xero etc for me. I'm a partnership so in due course that's what I'll be doing. For the OP landlord qu. I'd assume this is simplest
Well, you took my advice. You didn’t assume - you checked.That’s the value of an accountant’s input.
It seems that the bank I use (cooperative) doesn't currently offer an open banking API. So I can either open a new account, which will have no historic transactions and therefore be useless for the up coming first years of reporting, or find another way to enter banking into some kind of quarterly report system. Or hire an accountant and make it their problem. Is this the sort of s
t that an accountant can sort?
t that an accountant can sort?Sideways Tim said:
It seems that the bank I use (cooperative) doesn't currently offer an open banking API. So I can either open a new account, which will have no historic transactions and therefore be useless for the up coming first years of reporting, or find another way to enter banking into some kind of quarterly report system. Or hire an accountant and make it their problem. Is this the sort of st that an accountant can sort?
Yes, we can t that an accountant can sort?
(FWIW "we" (accountants) are also pretty unanimous in that MTD is a waste of time, effort and money!)
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