Hi my wife and I jointly own properties, whose income level makes us both subject to the new MTD filing rules after 2023. At present we are not filing one tax return as formal partners in a partnership. Instead we simply file 50% of our joint income less expenses with HMRC for self assessment annually. We don’t want to change that. So our question is what do we need to do for MTD? Will we need to produce 2 sets of digital records, which means two bank accounts and duplication of bookkeeping. Or is there software which overcomes this problem? We use Quickbooks but there is no information from that software supplier. Thanks v much for any help!
England | Pre-tenancy (England) | Tax (England)
Jointly Owned Property and MTD
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