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Could someone tell me I have this correct about shared rental income?

26 replies

RJnomore1 · 08/01/2022 20:56

Hi

So if I’m doing a tax return for the first time on a property I own and rent out with my husband I get that is 50/50 income. Do I just put half the total amount on my return and he does the same?

And likewise with expenses?

Thanks! Just want to get it right.

OP posts:
WombatChocolate · 10/01/2022 19:08

You don’t have to complete a tax return if the I norm received is less than £2500. This can be declared without tax return and the tax taken by PAYE.

The first year I had a BTL just for a couple of months and didn’t reach the threshold, so no tax return was needed.

Another year, due to expenditure on property which was tax deductible, I had less than £2500 to declare so phoned and again it was confirmed no tax return needed.

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