Tenants in Common - Deed of Trust - Tax Returns

My brother & I have owned a property as Tenants in Common since 28th September 2023 which we rent out. Having scoured the internet & asked an accountant friend, I would really appreciate some correct advice as to the steps we need to take to make it all 'above board', ie - do we need to register a trust, who do we register this with & how do we do this? We own the property 50:50, the property has no mortgage, all income & expenses are paid in/out of a joint account we have set up. We understand that all profits less expenses will need to be declared on our Tax Returns. Many thanks.

Hi,
If a property is held in joint ownership, for individuals other than married couples or civil partnerships, you don’t necessarily need to make a declaration to HMRC, although you may decide it is in your interests to hold a deed of trust or legal document.
Further information is avaialble:
TSEM9230 - Ownership and income tax: legal background: joint ownership - presumption of joint tenancy
You are correct that you will be required to declare your rental profits by completing a Self Assessment tax return.
Further information is available at:
Renting out your property Skip to contents of guide Contents
Thankyou.