Jointly owned properties
Question asked by Wendy Draper 4 weeks ago
My husband and I jointly own two properties. How do I specify that on the system? I assume there will have to be two submissions to HMRC.
Hi both,
As each joint owner is an individual taxpayer, you will each need your own separate Clear Books account and will need to sign up to your own Property business using your own unique email address.
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 answerI have reading other questions and it looks like we need two clear books accounts. Does that mean two lots of £5 per month?
I have the same problem Wendy and so will be interested in the answer to your question!
Hi both,
As each joint owner is an individual taxpayer, you will each need your own separate Clear Books account and will need to sign up to your own Property business using your own unique email address.
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 answerI have purchased the £5 per month version as we have 3 properties. I will also be doing my husband’s MTD as he is in a nursing home, will HMRC mind if I pretend he has one house so I can use the free version ? I will use the figures for the combined income and expenses. Does the number of properties get sent to HMRC? We don’t have sufficient income that we need to be doing MTD this year, just thought it would be useful to see what’s involved.
Hi Wendy,
No, the number of properties does not get sent to HMRC.
Tommy
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