I’ll try and keep this simple, I own a property in my name. Wife owns a property in her name and we own one in joint names. Whilst owned as above, we deal with everything between the 2 of us.
I’m higher rate tax payer and my wife is lower rate.
Previously as profit has been minimal a tax return in my name only has been completed.
Moving forward we will complete a return each. However we currently put all income and expense in one account and don’t apportion specific expense to a specific property, instead just add up the expenses and deduct accordingly.
My queries are:
1. Should we apportion specific expenses to specific properties.
2. With my wife being lower rate, I’m assuming the property she owns should remain like this without a deed between myself and her?
3. The property I own has a deed of trust of 50/50, would a greater split require form HMRC 17(?) to be completed?
It’s easier to bring all expenses and income together and then half between us for the tax return however conscious we may be paying too much tax and apportioning better whilst being more work may be better?
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