Question asked by Marco Tuema 1 week ago
I have a single bank account that we use for all rental income and expenses eg mortgage payments and service charges, how do I account for the fact that this income is shared between me and my wife for the purposes of making Tax digital.
Hi Marco,
Under Making Tax Digital (MTD) for Income Tax, each owner of a jointly owned property is required to report their individual share of income and expenditure to HMRC. This means both you and your wife will need your own separate Clear Books businesses on a Property plan.
Digital records are not strictly required for jointly owned property. You only need to record and submit your own share of the income and expenses for your quarterly updates. For a simpler experience, we suggest using the manual entry method (the record income and record expenses buttons) and input a single entry for your quarter's total, instead of connecting a bank feed or importing statements.
Tommy
Best answer
You must 