Help with SA and Property

Lisa1978

Morning,


I have been trying to get through on the telephone to HMRC to no avail so looking for some advice.


My husband and I began letting out an apartment in February. I informed the HMRC and they have wrote to us both asking for 'a detailed schedule of income and expenditure for period 14th Feb - 5th April'. Do both of us need to send this in or is one suffice? I already complete a self assessment for another home that I let out, therefore can I add it onto my form and leave hubbie out of completing a SA form? If he does need to fill it in, do we split the income and expenditure in half?


Thanks

CLAPTON

if the property is jointly owned and you are married then the profit is split 50-50
so both need to inform HMRC of their share of the profit

Lisa1978

Unfortunately there is a loss every month but thank you, will we spilt all income/costs and report to them.

zygurat789

Lisa1978 wrote: »

Morning,


I have been trying to get through on the telephone to HMRC to no avail so looking for some advice.


My husband and I began letting out an apartment in February. I informed the HMRC and they have wrote to us both asking for 'a detailed schedule of income and expenditure for period 14th Feb - 5th April'. Do both of us need to send this in or is one suffice? I already complete a self assessment for another home that I let out, therefore can I add it onto my form and leave hubbie out of completing a SA form? If he does need to fill it in, do we split the income and expenditure in half?


Thanks

Under separate assessment you each have to report your share on your own tax returns. Your tax return is not done by property but for ALL your income from whatever source.
If there is no other formal agreement to share profits then both income and expenditure should be reported at 50% on each return as you surmised.
How do you manage to arrive at a loss with interest rates so low and rent so high?