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Posted 3 days ago by Mauree n Treadwell
We own property both jointly but I also own one property in my sole name. We will be affected by making tax digital fairly soon and I am looking to sort out the banking arrangements in advance as all the standing orders and payments will need to be transferred to a separate accounts. We currently keep all payments and expenses in a personal joint account as it is counted as investment income. However, how is this going to work with joint ownerships? Tenants can't be expected to pay rent in two halves to two separate people with two separate bank accounts. Can you explain how this will work with MTD? Thank you.
Posted a day ago by HMRC Admin 25 Response
Hi Mauree n Treadwell,
Please refer to:
Use Making Tax Digital for Income Tax
Thank you. 

 
Posted a day ago by Mauree n Treadwell
Thank you so much but I had read all that. My problem is that it does not address the issue. We have both joint property and sole ownership property. The latest MTD says this "create a single digital record for each category of income from jointly held properties and a single digital record for each category of expense from jointly held properties. This removes the need for each joint property owner to create digital records of each transaction." but it doesn't say what to do with additional property that is individually owned. Do we report that separately so three columns? At the quarterly period, do we just divide this by two? Does the software do this automatically and which MTD software does this for let properties?

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