Keeping details for 3 businesses under MTD?

29/04/2019 14:20:28
I currently have 3 very small businesses, none of which are eligible for VAT. I keep records and submit my income and expenses on my tax return each year separately for each business on spreadsheets.

Looking to the future and Making Tax Digital I am currently investigating various apps/online services that allow me to record the same data electronically in a more immediate and structured way and particularly looking at services that are committed to being MTD compliant. So far the ones I have looked at seem fairly complex for my needs and quite expensive and none of them address the issue of how do I manage 3 separate businesses. The one I am trialling currently is Quickbooks Self Employment which is the most straightforward to use and when I asked about managing 3 businesses with them they said that I would have to run 3 separate accounts using 3 separate email addresses but couldn't answer how this might be amalgamated into to one consolidated tax return under my name.

So my question is - Is it acceptable for me to keep my records for all 3 businesses together under one business and submit records, when the time comes for non-VAT businesses to do MTD under just the one business entry?

Re:Keeping details for 3 businesses under MTD?

30/04/2019 06:56:01

If all of your businesses are under a self employed entity, they should be counted as one business and the turnover from all 3 should be totalised when calculating if you are above the VAT threshold or not.

Any future decisions on how MTD will affect traders under the VAT threshold have not been discussed yet and we cannot comment on how or when this may change in the future.