Two sole trades - one business - one Clear Books account?

Question asked by Neil Startin 2 months ago

Hi.

Myself and my partner individually submit our self-assessment tax returns to HMRC as sole traders albeit with the same property income.

Is it possible to have an upgraded Clear Books account for both of us, with one login and monthly fee but with separate areas for us? We are equal partners in our property 'business' and share the vast majority of income and expenditure 50/50. Or will he need a completely separate account with you as he is effectively a sole trader like me?

Thanks, Neil.

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2 Replies

Hi Neil,

Your partner will need to register with their own separate email address. If the property is jointly owned, 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.

To keep things simple, we suggest using the manual entry method ("Manually Record income" and "Manually Record expenses" buttons). 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.

Tommy

Best answer
2 months ago

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