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Self assessment to be made by joint landlord?

Started by berniagop, November 20, 2023, 03:37:31 PM

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berniagop

Hello all.
Just started to rent our house. My wife and I are joint owner, and the rent is deposited in our joint account .
I am retired and my wife work part time.
Who will need to create the self assessment form ? and do we Both have to declare half of the rent each? Or can I declare the total income under my name solely ?
Thanks in advance for advice.
B.

jpkeates

If you are married, HMRC will assume you both receive 50% of the income. Which is something you can only change with some legal messing about (a simple trust and a form to HMRC).

You should both contact HMRC to tell them about your new source of income and agree with them how you should report it. Chances are they'll ask you both for an annual self assessment form.