Help and advice needed please

[mwahxx]

My ExP and myself bought a property in 2006 with a close friend (Mr P) which we then converted into a HMO.
The mortgage is in my and Mr Ps names, however the business is in my ExP and Mr Ps names.
Am I liable for tax on the business and can I ask to see business accounts in order to agree a financial settlement with ExP.

Thank you for your help :)

When you say the business is in the name of your ex partner and Mr P is it a limited company? Is it a partnership? Is there a written agreement between the shareholders or the partners? If so do you have a copy?

It sounds like you own half of a capital asset - a house. However a limited company or partnership you do not own generates income none of which goes to you. If so that is a ridiculously bad deal for you and why did you agree it? Anyway assuming that was the agreement, no you receive no revenue so you are not taxed on any.

When you sell the property you will be subject to capital gainst tax probably at 28% on what is realised of your share.

I am assuming you are unmarried. If you were married the legal position is utterly different. As you are unmarried you are not entitled to maintenance from each other and only entitled to a share of what is in your names ie the property not your partner's business. i cannot understand why you would let a property you partly own be used without any regular payments to you.

Was there any agreement when the three of you bought the house about your shares eg a third each and when and if any of the 3 of you could require the property to be sold?

If you do this sort of thing in future it is a good idea to ask a solicitor to spend one hour drawing up a short contracts setting out everyone's rights and obligations. It saves a lot of money in the long run.

On the accounts point you do not own this business and have no claim over it so have no right to see its accounts. however you may be able to buy them from companieshouse.gov.uk if the business is a limited company. if it is just a partnership then as it is not your business and you are not married you have no claim to your ex partner's income at all and he has no claim on yours. If you were married it would be very different.

Just to be clear - the business receives the income from your property?

What service is the business perfoming, and is there a contract in place regarding the services and income? Are you receiving any income from the asset you jointly own, or does it all go to the company?