Self Assessment Tax Return on buy to let - Help please!

Xxadele92xx

Good afternoon,
This is my first ever tax return I have to complete as I bought a buy to let property in 2019.
* The property is in joint names between me & my partner. 
* We are both 20% tax payers
* This will not take us over the 20% tax payer bracket

So my question is....  when completing the self assessment form can we complete this under just one of our names rather than both of us since it doesn't push either of us into the next tax bracket?

Many thanks

Hasbeen

Both names .

Dazed_and_C0nfused

You each need to complete your own Self Assessment return.

Are you aware of the new(ish) rules relating to finance costs?

Xxadele92xx

Dazed_and_C0nfused said:

You each need to complete your own Self Assessment return.

Are you aware of the new(ish) rules relating to finance costs?

No I am not, can you elaborate more on this please?

Jeremy535897

Xxadele92xx said:

Dazed_and_C0nfused said:

You each need to complete your own Self Assessment return.

Are you aware of the new(ish) rules relating to finance costs?

No I am not, can you elaborate more on this please?

You cannot deduct mortgage finance costs (interest, arrangement fees etc) from gross rental income any more. However, you do get a credit against your basic rate tax liability, so if you are a basic rate taxpayer as you say you are, the outcome should be the same. See https://www.gov.uk/guidance/changes-to-tax-relief-for-residential-landlords-how-its-worked-out-including-case-studies

The transitional period ended on 5 April 2020.

Dazed_and_C0nfused

https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords

Note the changes mean the higher taxable profit could move you from one tax rate to another.