Question

England | Pre-tenancy (England) | Tax (England)

Jointly Owned Property and MTD

11 Jul 2021 | 2 comments

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!

Answer

2 Comments

  1. guildy

    We’re not entirely sure how it works with partnerships but our article here has some details.

    If that doesn’t help, subscribers can access a tax specialist who offers 10 minutes free consultation for Guild subscribers.

  2. jonathankendal

    Hi this is the crucial difference. We are not a partnership. We are simply joint owners. Much has been written in the tax world about moving from joint ownership into partnerships, this being a necessary stepping stone for people wishing to incorporate. However we are not a partnership simply we are joint owners. Quickbooks MTD does not currently make provision for joint owners (as opposed to oartnerships). Therefore I am interested in finding out about other software providers who will be able to surmount this problem of dual filing and therefore dual recordkeeping (Which is the unnecessary duplication I was trying to avoid).

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