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Posted Fri, 15 Apr 2022 18:22:41 GMT by squashabe
Hello. My wife and I rent a house out and we both work part time and pay tax through our employment PAYE system. We both earn individually £21,000. My question is do we both need to submit tax self assessment forms as the house is in joint ownership? The profits will be shared equally, basically it will go in our joint bank account. Regards 
Posted Wed, 20 Apr 2022 09:01:52 GMT by HMRC Admin 19

You can check if you meet the criteria for declaring the income using our Self Assessment criteria tool, if you meet the criteria you should both declare half each unless you have a different split of ownership.

Check if you need to send a Self Assessment tax return

Thank you.
Posted Fri, 22 Apr 2022 09:36:48 GMT by squashabe
Hello. If we split the profit and expenses from our rental income equally our profit will be around £1600 each. As this is less than £2500 does this mean that we don't have to complete a self assessment form and we can simply update our tax records and the tax will, be taken through the PAYE system through our employee tax payments? Regards Adrian
Posted Fri, 22 Apr 2022 14:00:27 GMT by HMRC Admin 11
You are correct, you do not need to complete a tax return and the amount of property income can be collected via your tax code. 
Thank you for your question. 

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