If you submit VAT from one Sage Accounting company today, you can keep doing that even if the company includes more than one income source. For MTD for Income Tax, Sage Accounting can only submit one income source per company. If you have a main income source, such as self-employment, and a second income source, such as UK property, keep your VAT ledger unchanged. Create a separate Sage business to record and submit Income Tax for the second income source. Use this setup when: - You submit VAT for more than one income source from one Sage Accounting company
- You want to keep your VAT records together
- You need to submit separate quarterly updates for Income Tax
In your VAT company, keep using the existing ledger accounts for VAT reporting. For Income Tax: - Use the VAT company for one income source only
- Mark the other income source ledger accounts as Not reportable
- Create a separate Sage business for the second income source
- Record the second income source in that business for Income Tax submissions
If you use Sage Sole Trader, you can enter monthly totals by category instead of copying every transaction one by one. If you don’t already have a free Sage Sole Trader business, use your free instance for one income source. Add the other as a paid business. |