Question asked by Philippa Strauss 6 days ago
We own 2 properties. One is solely in my name and one is jointly owned with my husband. How do I split income and expenses appropriately for MTD submissions . Am I able to produce 2 MTD submissions - one for him and one for me
Hi Philippa,
To comply with MTD for Income Tax rules, each person who needs to report income to HMRC must have their own separate Clear Books account. This means both you and your husband will require individual logins and your own Clear Books UK Property businesses.
For the property solely in your name, you should record 100% of the individual incomes and expenses within your own Clear Books business.
For jointly owned property, HMRC does not require you to keep full digital records of every individual receipt. Instead, you only need to record and submit your specific share of the income and expenses.
To keep things simple, 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 % share of each income category and a single entry for your % share of each expense category for the quarterly period.
Tommy
Best answerThank you very much or your answer. Can I just clarify your comments on the joint property. If we get rent paid monthly are you saying that for the jointly owned property I can just input the total for the three months without splitting it out? So if the rent is £100 per month I just show a total income of £150 for the quarter for each of us?
Hi Philippa,
Yes, that is correct.
Tommy
You must 