My wife and I started renting our property out in July 2018. We are first time landlords and the arrangement will only last for a few years at which time we will return to live in the property.
Before renting it out we contacted solicitors and completed a transfer of equity and declaration of trust and relevant land registry forms. The ownership is now 99% my wife, 1% me. We filled in Form 17s and had confirmation and acknowledgement back from HMRC about the different levels of ownership of the property.
I am a higher rate tax payer from paid employment. My income from property will be about less than £200 per annum. I have no other income other than my job. Do I even need to fill in a tax return? My wife does a low paid part-time job, the income from her 99% share of the property will push her above the is a £11,500 tax threshold for the first time. She will need to do a tax return. Is that right that only one of us does a tax return on a jointly owned property?
Advice would be appreciated please.
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