Clear Books Property

I have no problem accessing the one I have. I need another copy for a different business.

Hi David,

HMRC treats all rental properties owned by the same individual or entity as part of a single property business for tax purposes. This means that HMRC requires a single unified tax submission for your properties.

In Clear Books, you can only have one property business account. If you have multiple properties, you can upgrade to the Property paid plan. If you're setting up an account on behalf of someone else, they'll need to create and subscribe to their own Property account using their own email address.

Tommy

Thanks for your reply. However, I have a paid property plan that records all data for our properties. HMRC requires that as the properties are jointly owned that each owner submits MTD records by share of ownership. In our case that is 50/50. Each of us needs to submit a separate record of that income. I do not want to loose the master account that holds the total data. Can the paid plan upload the 50% data for each owner? If not then a solution would be separate free accounts that have the summary figures for the quarter entered manually with no link ot bank accounts. This would satisfy HMRC and while it does require some data to be entered twice would enable retaining the integrity of the the master data.

Hi David,

No problem at all.

Each owner needs separate quarterly update submissions as they are separate tax payers. Clear Books uses separate "businesses" for each tax payer for recording digital records which allows for separate submissions.

However, for jointly owned property, HMRC does not require you to keep full digital records of every individual receipt. Instead, you only need to record and submit your specific share of the income and expenses. You can make a single digital record entry for your % share of each income category and a single entry for your % share of each expense category for the quarterly period.

Therefore, you can use one paid account to track everything, then the other owner can sign up and use a free property account to type in the summary numbers for their share. And each owner can submit their own Quarterly submissions.

Tommy

Hi Tommy How do I preserve the full accounts and also submit 50% records to HMRC without a separate Property Plan? I understand that the other joint owner can sign up for a free account.

David

Hi David,

If you'd like to input all the transactions in one account, you can raise a journal under Tools > Journals > Create journal to adjust 50% of the totals to Drawings once per quarter.

Tommy