Do I need to Register a Partnership for my property lettings

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    Do I need to Register a Partnership for my property lettings

    My wife and I have purchased several properties recently and need to file our first tax return. I was previously advised this should be considered as a partnership and we should register with HMRC.
    I have now been told by HMRC that it is not a partnership but simply income from property which we declare on our SA.

    I'm confused as I'm being told I do and I don't need to register partnership, is there a definitive answer?

    Thanks
    Michael

    #2
    If you are confused then you should seek professional advice from an accountant.

    But if HMRC have told you its not a partnership , then just keep it simple and you + wife declare your own share of income and expenses from each property on your own tax return.

    Comment


      #3
      Although a jointly owned property business could be run as a partnership, it is most unlikely.

      It is more likely to be treated as a joint investment, and taxed accordingly.

      Comment

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