Question asked by Roy Bradford 2 months ago
Our property income is split 50% between me and my wife.
I don't really want to split every receipt 50/50 and enter the details separately each month into two separate ClearBooks accounts. Is there any way around this?
I guess I could create two accounts and enter alternate months into each account so one account gets Apr/Jun/Aug/Oct/Dec/Feb data and the other gets May/Jul/Sep/Nov/Jan/Mar data.
Any thoughts / ideas please?
Hi Roy,
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 answerHi Tommy Just to clarify this: So I don't have to enter every single income and expense for the properties I own 50 % of? I can add up all the income and all the expenses per property per quarter .... and then just put in 50% of the total income and expenses per quarter?
Hi Helen,
Yes, that is correct.
Tommy
Hi Tommy, a couple more questions and thanks for the above: Will HMRC literally just get the two figures for income and expenses per quarter? They won't see all the receipts and invoices that I'm uploading.... Also, can I upload a receipt and then manually change the amount to reflect I can only use 50% of it?
Hi Helen,
No problem and yes, the quarterly updates you submit through Clear Books send a summary of your income and expenses to HMRC based on specific categories. HMRC does not receive the individual digital records, copies of receipts, or invoices that you upload or record in the software.
And yes, you can upload the receipt and then change the amount when you review the bill.
Tommy
You must 