Buy To Let Tax Self Assessment Query

marginalone

The other half and I let out our flat which is a joint buy to let mortgage and have a small income per month.

Come self assessment time, does my other half need to declare this too or would we be able to declare it on mine only?

booksurr

the whole point of female emancipation is that they are no longer chattels of their menfolk, hence taxation is based on the individual

Yes you must each declare your own share so each person has the correct tax liability. One may be a non tax payer or a higher rate tax payer the other may be a std rate taxpayer. Amalgamating the income would give a fraudulent result

marginalone

My other half is working and Im not at the moment and haven't earned £10k this tax year. How would that work out?

booksurr

marginalone wrote: »

My other half is working and Im not at the moment and haven't earned £10k this tax year. How would that work out?

if you are married then you must split the income 50/50 because that is how the property is owned

do you really not understand the next step? If this is your first tax return and you can't follow such a basic concept then may be you'd be better off paying someone to do it for you? How sure are you that you have claimed costs correctly? You pay tax on your share of the profit, she does not pay tax on hers assuming that her share + any other income she has remains < the £10,000 personal allowance

if you are not married you can split the income in whatever proportion you wish, it does not have to reflect the underlying ownership. But that is only if you are not married.

marginalone

booksurr wrote: »

if you are married then you must split the income 50/50 because that is how the property is owned

do you really not understand the next step? If this is your first tax return and you can't follow such a basic concept then may be you'd be better off paying someone to do it for you? How sure are you that you have claimed costs correctly? You pay tax on your share of the profit, she does not pay tax on hers assuming that her share + any other income she has remains < the £10,000 personal allowance

if you are not married you can split the income in whatever proportion you wish, it does not have to reflect the underlying ownership. But that is only if you are not married.

No problems with filling in the tax return, was just unsure about the buy to let situation taxwise as this is our first year.

Cook_County

marginalone wrote: »

No problems with filling in the tax return, was just unsure about the buy to let situation taxwise as this is our first year.

Congratulations on understanding true and fair accounts and the accrual method of accounting and HMRCs / government changes on white goods, mortgage interest and wear & tear.


Moving to your specific question, are you married? Are you joint tenants or tenants in common?

marginalone

Cook_County wrote: »

Congratulations on understanding true and fair accounts and the accrual method of accounting and HMRCs / government changes on white goods, mortgage interest and wear & tear.


Moving to your specific question, are you married? Are you joint tenants or tenants in common?

Married and we own the property.

marginalone

Its joint tenancy. 50:50

POPPYOSCAR

marginalone wrote: »

Its joint tenancy. 50:50

Yes but is it held as "joint tenants" with Land Registry.?

marginalone

POPPYOSCAR wrote: »

Yes but is it held as "joint tenants" with Land Registry.?

Yes it is.

sheramber

marginalone wrote: »

My other half is working and Im not at the moment and haven't earned £10k this tax year. How would that work out?

have you looked at the marriage allowance https://www.gov.uk/marriage-allowance-guide/how-it-works