Claiming expenses/running 2 businesses

Hey chaps and chapettes,

Just a quick accounting question...

I have just signed onto quickbooks and have connected my santander business bank account to quickbooks.

All nice and straight forward, all my income and expenses were quickly recorded and all i had to do was categorize each thing. Nice and easy

Here's what i need to know....

I took all my old receipts from before i had a business account (receipts from where i used my own personal savings to fund the equipment i needed to start up with) and have added these onto my receipts/expenses in quickbooks.

Question is, Are you allowed to input items as expenses even if you used your own personal savings from your personal current bank account/credit card... or does it have to all be linked to money you have physically made from your business?

Also, i have another question...

While i run a window cleaning business, i am also going to be doing a bit of freelancing on the side for my old company which will bring me in a day rate for each day i work. My freelance money as well as my window cleaning money, will all be paid into my santander business account. I called HMRC and they advised me that when it comes to doing a tax return, i would need to fill out 2 seperate assesments (1 for my freelance work and 1 for my window business).

Question is, How will i be able to make quickbooks seperate all the income and outgoings for each "business" while all payments are linked to 1 business bank account?

Do you think id need to get paid into 2 seperate bank accounts for the 2 seperate businesses and add the 2nd card to quickbooks or is there an easier way? I just want to be able to copy and paste come tax return time [emoji3]

Hope that made sense and thank you in advance for any help.

Cheers

Sent using the Window Cleaning Forums mobile app

Ps im a sole trader at the moment hence why i can do multiple jobs as either myself or my trading name, it just has to be shown in the tax return where the money came from

Sent using the Window Cleaning Forums mobile app

Doesn't matter where the money came from as long as it relates to your business and doesn't have someone else's name on. I don't understand why HMRC want you to keep the two things separate, unless your freelance work isn't window cleaning related. If it is different then I suppose any receipts from that would need to be kept separate as well. I have no experience with QuickBooks, I would open another account, Savings, for your Freelance and use references to transfer monies.

Its not related to window Cleaning. Its freelance technician work for a big AV company where i used to be a project manager.

Sent using the Window Cleaning Forums mobile app

Part Timer said:

Doesn't matter where the money came from as long as it relates to your business and doesn't have someone else's name on. I don't understand why HMRC want you to keep the two things separate, unless your freelance work isn't window cleaning related. If it is different then I suppose any receipts from that would need to be kept separate as well. I have no experience with QuickBooks, I would open another account, Savings, for your Freelance and use references to transfer monies.

Click to expand...

Yeah might just use personal account for freelance stuff, thats the best solution i can think of

Sent using the Window Cleaning Forums mobile app