Skip to content
logo Knowledgebase

Export data to Sage Sole Trader for shared property ownership

Created on  | Last modified on 

Summary

Use Sage 50 Accounts and Sage Sole Trader together to report shared property ownership for Making Tax Digital (MTD) for Income Tax. Export your figures from Sage 50 Accounts, then submit a quarterly update from Sage Sole Trader.

Description

You can use Sage Sole Trader to submit a separate business income source to HMRC.

EXAMPLE:

You and your spouse own a UK rental property on a 50/50 split. Sage 50 Accounts reports one owner's share to HMRC directly. It can't report both owners through the same business. So the second owner reports their share through Sage Sole Trader instead. 

To do this, you export the figures from Sage 50 Accounts and import them into Sage Sole Trader. The export gives you the total value for each income tax category. 

The report exports these totals at their full value, the whole 100%. If you need to make amendments to your figures, you must do this in Excel before you import to Sole Trader then submit to HMRC

Resolution

▼ In Sage 50 Accounts

Run and export the transaction report

Sage 50 Accounts includes two of these reports, both in the Trial Balance section. Neither exports your income tax categories as separate data. One report adds the category to the Description field instead, which helps you match each total in Sage Sole Trader.

Both reports work for the import. The one with the category in the Description field makes the next steps easier.

  1. Follow the steps to download the fixed reports backup on our Income Tax Export reports are formatted incorrectly article.
  2. Go to Nominal codes, then select Reports.
  3. Select the Trial Balance folder on the left, then select the relevant MTD for Income Tax Transaction Export report.

    NOTE:

    Run the report up to today's date only. Sage Sole Trader won't import transactions dated in the future.

  1. Select Export, enter a File name, then set Save as type to an Excel file. For example, (.xls) or (*.xlsx).
  2. Choose where to save the file, then select Save.
  3. If the figures need to be amended before you submit them to HMRC, you must do this in Excel, then click File and Save. 

 

▼ In Sage Sole Trader

Set up Sage Sole Trader as a landlord

Set up Sage Sole Trader before you import your figures. Set up your account as a landlord, then connect MTD for Income Tax.

When you set up the property, make sure you:

  1. Select I'm a landlord with a UK property as your income type.
  2. Enter your ownership percentage when you connect MTD for Income Tax.

NOTE:

This percentage is how Sage Sole Trader works out your share. The percentage applies once you categorise your imported figures.

If you already use Sage Sole Trader, add a new business for your property, not a new account.

For the full setup and registration steps, see the related solution below.

Import your figures from Sage 50 Accounts

You import your figures using the bank statement import feature. Each line you import is a category total, not a single transaction.

  1. Go to Banking, then select Actions on the bank account you want to use.
  2. From the Actions dropdown, select Import from bank statement.
  3. From the Source dropdown, select the bank account you want to use.
  4. Select Next.
  5. On the 'Upload your file' window, select Select a File from your device.
  6. Browse to the Excel file you exported from Sage 50 Accounts, then open it.
  7. Select Review transactions.
  8. On the 'Select the date order window', select Day month year.
  9. Select Continue.
  10. Check the values in the Amount column are correct.

TIP:

If amounts show as positive instead of negative, or the reverse, select Switch transaction types.

  1. Select Confirm import.

Your imported figures now appear as draft transactions.

Review and categorise your transactions

Sage Sole Trader categorises your imported lines where it can. On the free subscription, it categorises up to 25 of them. Review every line and add any income tax categories it missed. After importing your file, you'll need to add the categories to your transactions.

Submit Income Tax quarterly updates

You can now submit your quarterly update from Sage Sole Trader to HMRC.

 

Related Solutions