Question asked by Arawwala Liyanage 1 week ago
I have a self employed business plus get rent from a property . How do you I record them . Can you record both together or have to create two separate account and when it comes to submitting how does it work ?
Hi Arawwala,
To manage these correctly, you will need to create two separate business entities within your main Clear Books account rather than recording them together. HMRC treats self-employed trading income and property rental income as two completely distinct income streams, meaning they must be kept separate for bookkeeping and tax reporting purposes.
Within your central Clear Books account, you can easily add multiple businesses. This lets you manage both entities using a single email and password login, and you can quickly switch between your self-employed business and your property business by hovering over your business name at the top right.
When it comes to submitting your data, keeping them in separate entities ensures that your financial records are organised correctly for your tax returns. You will be able to generate the accurate, distinct figures required for the separate self-employment and property sections of your tax submissions.
Tommy
Best answer
You must 