Which QuickBooks package?

You may consider to use QB Desktop 2021 with the one time license to manage 3 separate company files. Then you will use a MTD Excel Bridging app. They provide a HMRC Approved web based solution for submitting your VAT returns for MTD. You can use your own excel spreadsheet or use an export Excel or CSV from any accounting program. It's free for the first year and GBP 30/year/organization for the second year onwards. They are also offering special price plans for accountants. 

Welcome to the Community, @russd178. 

In addition to what Fiat's suggested above. For the Sole trader business type, you can use QuickBooks Self-Employed or QuickBooks Online (QBO) Simple Start versions. They both have the ability to Prepare for Self Assessment. However, only Simple Start has the feature that helps you Making Tax Digital ready and Submit VAT to HMRC. For more information, please check this page: Show me plans for my business type. Then, select the Sole Trader radio button. 
 

To further help you decide which QuickBooks package applies to you, I highly recommend reaching out to our Sales team. They would be able to provide brief details about the features available for each version and advise you on what product to choose. To do so, go to this page and scroll down to see the support's contact details: QBO plans and pricing. 

I've also attached this helpful resource that you can access at any time to get guides in performing your QuickBooks tasks: QBO Help articles. 

If you have any other QuickBooks concerns, please don't hesitate to post again here. I'd be happy to lend a hand. Have a good day ahead.

Thank you for the reply, but am I right in thinking QBSE can't do property income, so that would be an non starter?

Can QBO deal with both income from self-employed and income from property for MTD and Self Assessment?

Good to have you back, @russd178.

You're most welcome and I'm glad that my colleague was able to answer your question above. Allow me to give more clarifications about the plans.

Yes, I confirm that QuickBooks Self-employed (QBSE) can't do property income. To answer your second question, QuickBooks Online (QBO) can't deal with both incomes from self-employed and from the property for MTD and Self Assessment. 

QBSE is best suited for business owners who only have one income stream and have fewer business dealings and factors to manage. This subscription allows you to track mileage, document and organise receipts, manage transactions, offer easy paperwork and reporting, and such. Also, QuickBooks Self-Employed can't be converted to any other version.

On the other hand, QBO caters to small businesses and offers more advanced features than QBSE. It's a step up from QBSE and is designed for small businesses that file taxes. QBO can also be easily integrated with many apps but not with the Self-Employed version.

To decide what's the best subscription suited for your type of business, you can go ahead and contact our Sales Team as suggested by @Divina_M above. 

After choosing which plan, feel free to browse through these articles to help you get started with both.

• Get started with QuickBooks Online
• QuickBooks Self-Employed Overview

I'm willing to give out some more information if you have more questions regarding the plans in QuickBooks. You can tag me in this thread and I'll get back to you the soonest. Have a great day!

Thank you for your reply @QueenC . So to confirm you were saying that even QBO can't do property as well as self-employment income

Are there any other QuickBooks packages that can deal with both self-employment and rental income? If not it's surprising to me as I don't think my situation is that unique and there must be lots of people who are self-employed and rent out properties?

It's our pleasure to help, @russd178.

You can use QuickBooks Self-Employed if you need self-assessment for Landlords. You'll stay on top of your taxes by claiming every allowable expenses and deductions. Then, know how your properties work by running reports.

Check this link and then click the QB for you to choose your Business type and Industry. You'll be routed to the right version of QuickBooks that suits your business. 

You can reach out to our Sales Team as mentioned by Divina_N above to help you choose the right version of QuickBooks that suits you well. 

To help you select your plan and create your account and get started, check out this link: QuickBooks. 

Let me know if you have further questions about choosing the version of QuickBooks. I'm here to help. Have a great rest of the day! 

Thanks @MJoy_D but unfortunately my main question is whether the system can cope with separate self-employment income as well as rental income. Someone mentioned that you can use tags to separate the income so that it appears separately but I'm not sure how you would submit to HMRC and be able to complete the different form for property alongside normal self-employment income.

Hi russd178, are you a landlord for the rental property? QuickBooks Self-Employed has two separate options when setting up the account - one for landlords, and one for standard SE individuals, which create self-assessments in line with HMRC guidance. MTD for income tax is now postponed until April 2026, the only current MTD services are for VAT.

I'm self-employed as a web designer and also a landlord so I need to submit self-employment income and landlord income together in one account. Is there an option for both self-employed and landlord? That would be absolutely amazing if there was that option.

Hello Russd178,  You will need to have two separate QuickBooks Self-Employed accounts one for Self-Employed and one for Landlord. Each account will need to have a separate and different email address. You can't have one account for both has to be separately. 

@Ashleigh1 thank you for the clarification. How does it work when you try to submit everything to HMRC for self-assessment? Surely if you have two different accounts you'd have to make two different submissions which would confuse HMRC and the tax calculations would be wrong?

Thank you for the reply but surely HMRC need to see a whole picture of both the landlord and self-employment income all together rather than two separate submissions for each? Otherwise the projections for the amount of tax to be paid would surely be off by some margin? 

I appreciate you for coming back to the thread to add some clarification about your concern, russd178. I'll be sharing extra details on how submitting income details to HMRC works via self-assessment. Then, I'll ensure you can present your VAT information smoothly so your account stays accurate.

It’s important to record every time money goes in or out of your bank account so that your books balance at the end of each tax year. That said and as mentioned above, you'll need to have two different QuickBooks Self-Employed accounts, one for Self-Employed and one for Landlord. Each account will need to have a separate and different email address. Then, having a different account won't confuse HMRC or would be wrong in the calculation of your taxes because you'll have to set up HMRC/MTD Government Gateway (G.G.) accounts.  

Additionally, you can submit via MTD using different QuickBooks accounts for a single VAT number but please know that not for the same period. For example, if you've successfully filed an MTD VAT return for the tax period from 1 to 31 January 2021, then you can't file the VAT returns for the missed period before these dates. If you wish to file the VAT return before that period, you need to use the QuickBooks trial edition to submit the missing period.

Furthermore, you can also read more about how to submit VAT to HMRC and prepare for Self Assessment work in QuickBooks by clicking on the links provided above.

Lastly, you may refer to this article to see information on how you can adjust your current VAT account to correct errors on past returns: Make VAT adjustments in QuickBooks Online.

Don't hesitate to click the Reply button below if you have other concerns related to your VAT in QuickBooks. I'm always here to help you, russd178. Have a good one!

Hi did you ever get a clear answer to your question as Im in the same situation, I am self employed and also have a Fully furnished holiday let and need to file a Sa100 with the supplementary pages for property. I dont really want to have two QB accounts..

Regards

Hello RMB22, thanks for posting on this thread, so you would only need one QuickBooks self-employed account as far as I know as the rental income would be just additional income for the holiday let. You may want to confirm with either an accountant or HMRC.