Holiday Lets
Question asked by Andrea Kirton 3 days ago
My partner and I jointly run 2 holiday cottages. Prior to MTD we just each submitted 50% of the profit/expenses. How do do this now?
Hi Andrea,
Yes, you should only be inputting your % share of the income and expenses.
Tommy
Best answerHi Andrea,
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
So I've already entered the individual incomes and expenses, although I haven't submitted yet. Do I just delete this and submit the 50% income expenses instead? Thanks
Hi Andrea,
Yes, you should only be inputting your % share of the income and expenses.
Tommy
Best answerAnd how do I delete the figures I've already entered. Sorry, I'm a bit of a tech humpty!
Hi Andrea,
No problem at all, you can void the previously inputted transactions by heading to Dashboard > Click on Income/ Expenses > Click on the All tab on the right > Click the REC/ PAY id number > Then click Void.
Tommy
You must 