Question

Two businesses as a sole trader and payments on account

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Hi all,

For the 2021-22 tax year I am running two businesses as a sole trader. While I have labelled everything (income, expenses and mileage) accordingly, I can't seem to find a way to split them up and view them separately on quickbooks, as I have to input them separately on HMRC self assessment. Any idea how?

Second question is, my income in 21-22 was lower than 20-21. My understanding is, my two payments on account from 20-21 would be more than the income tax for 21-22. So by 31 Jan 23 I only have to pay 1st payment on account for 21-22 and 0 income tax (HMRC will credit or refund me the extra i have paid). Am I correct? While I am inputing my details on HMRC, I couldn't see anything regarding deduction from payments on account, so it shows that I have to pay the full income tax and first payment on account for this coming January.

Please help and thanks in advance.

QuickBooks Self-Employed

A

Ashleigh1

Hello Johnathanlee,

Welcome to the Community page,

So since you have two business as a sole trader you need to have a separate QBSE account for each business because we can't have two business in on QBSE file as you can't spilt it, it will treat it all as just one business. For the credit you should be able to receive it, if you have overpaid, however it is best to speak to HMRC about it they will be able to tell you more.

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