Hi there, Liz. HMRC’s MTD rules can be challenging, especially when managing separate income streams with a shared bank account. We're here to help make things clearer for you and your client.
You are correct that HMRC requires separate submissions for sole trader income and rental income under MTD Income Tax. Currently, QuickBooks Online (QBO) requires separate subscriptions to manage these income streams because submissions are tied to individual accounts for compliance purposes. It means your client would need two QBO subscriptions to stay compliant.
That said, your client can connect their shared bank account to both QBO subscriptions to categorize and track transactions for each income stream. They can also exclude irrelevant transactions to ensure submissions are accurate and compliant.
While QBO doesn’t support multiple submissions within a single account, tools like advanced reporting and integrations are available to streamline MTD compliance. Updates are regularly introduced based on user feedback.
If you have further concerns about QuickBooks, you can use the Reply button below. We're here to help.
