Self assessment question

Sparta1983

Hi,

I have a rental property which both my partner and I split the rental income on. I am doing two individual self assessments and was wondering where to i put the property expenses? do I split the expenses between both the self assessments or do I put all the expenses onto one of our self assessments?

Thanks for any help in advance 

Jeremy535897

You need to be more specific. If you have a rental property, you cannot split the rental income between you and your partner. Presumably what you mean is that you and your partner jointly own the rental property?

If the property is owned 50:50 between you, you split the income and the expenses 50:50 between you. If the property is owned in unequal shares, the income and expenses are still split 50:50 if you are married or in a civil partnership, unless you have filed a Form 17 to have the property income taxed according to the unequal shares.

Sparta1983

Hi Jeremy, Yes we have filled a Form 17 to have the income taxed in unequal shares, so if the income is split 80/20 i would just split all expenses in the same way including mortgage interest?

Jeremy535897

Yes. Interest is not treated as an expense though. There is a separate box for recording that, as you only get a basic rate tax credit in respect of it. Box 44 page 2 SA105.