Submitting a self assessment for a property on joint names

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    Submitting a self assessment for a property on joint names

    My husband and I rent out a property in joint names. I understand that we have to pay 50:50 tax. What I want to know is the practical bit how do we submit the self assessment.

    Do we submit 2 self assessments showing 50% of everything on both self assessments. So we take example the rent and half it and show that figure on both self assessments and likewise with all expenditure do we just half all expenses and put those figures on both self assessments.

    If this is not the right way can someone please tell me what is.

    #2
    Yes. It's s self assessment for an individual. So one each.
    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

    Comment


      #3
      Check with HMRC. They like LLs who talk to them first.

      Comment


        #4
        When you start renting property, you're meant to notify HMRC (in this case, both of you).
        HMRC Self Assessment Helpline : 0300 200 3310
        They will be very busy at the moment!

        If you earn more than £2,500 per year (after allowances) you need to fill in a self assessment tax return each.
        Even if you don't, you need to tell HMRC (and they may insist that you do anyway).

        If you have been renting property for a few years and not paid tax, there's a current "program" to assist you back to the straight and narrow. https://www.gov.uk/let-property-campaign
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          Yes, you will be taxed on 50% of the Net Profit. So each of you will need to advise HMRC accordingly - either via Self Assessment, or by letter if the profit is less than £2500 and the rent is less than £10,000.

          I suggest you contact HMRC.

          Comment

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