Clear books for landlords

Hi Margaret,

For jointly owned property, digital record keeping requirements are simplified, which should make the process easier for you.

Here is a breakdown of how you should handle the income and expenses for your separate digital self-assessments:

1. Digital Record Keeping for Jointly Owned Property

Since the property is jointly owned, you are only required to record and submit your own share of the property income (50% in your case) for your quarterly updates.

To keep things simple, especially since the documents are in both names, we suggest using the manual entry method ("Record income" and "Record expenses" buttons) instead of importing bank statements.

You can make a single digital record entry for your 50% share of each income category and a single entry for your 50% share of each expense category for the quarterly period.

Your Action: Use the figures from your managing agent's invoice, calculate your 50% share of each income and expense category, and enter these amounts manually using the "Record income" and "Record expenses" features on your Dashboard.

2. Jointly Owned Property Expenses

For jointly owned property, keeping digital records of expenses is optional during the tax year.

You can choose to record your 50% share of expenses quarterly along with your income using the "Record expenses" button.

Alternatively, you can choose to enter your share of all jointly owned property expenses once during the year-end MTD tax return process.

Tommy