Joint income into joint account (50:50)

Question asked by Damian Fielding 3 months ago

Hi there, my wife and I are brand new to Clearbooks. We are small B2L landlords using Clearbooks for MTD for B2L. We own properties in Joint names 50:50, mortgages, again - in joint names, we receive rent into Joint account in both our names.

I thought perhaps I need to run two Clearbooks accounts, one for me one for the wife and manually key 50% of everything into each, both income and expenses (i'm OK doing this.) Obviously very easy to have a 50:50 split in the manual spreadsheet system we've run to this point.

Before I start it would be good to get the comminitys advice on how to kick off please.

Many thanks!

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2 Replies

Hi Damian,

You are correct that you will each need a separate Clear Books Landlord account and record your 50% share of the jointly owned property income and expenses.

To get started, we have a comprehensive library of resources to help you get the most out of your account, please see: here

Also, please see: there is a HMRC notice about joint property not requiring full digital records, just one post for income each quarter and expenses on the year end MTD tax return. You can choose to record each transaction if you want, but it is not required for jointly owned property.

Tommy

Best answer
2 months ago

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