FHL income split from property co-owned with family

Hello My siblings and I have equally inherited our mum's half share of a property run as a Furnished Holiday Let, with my dad retaining his half share. Therefore my dad now owns 1/2, and my siblings and I own 1/6 each. The property and our homes are in Scotland. I would be grateful for clarification around how we split the income and the process for informing HMRC. My current understanding is that we would not need to form a business partnership and can agree to split the income in different proportions to the ownership share. Is a formal document required to record this agreement, and to be provided to HMRC? Can the agreed income split be varied in subsequent tax years? Prior to the change of ownership, I've been employed by my dad to manage the property. I'm proposing that we increase my share of income by an agreed amount to maintain an equivalent payment to my wage. Is this the correct way to do things from HMRC's perspective? I assume we need to set up a joint bank account, but as far as HMRC are concerned, can we in fact continue to operate from an account in my dad's name? Any advice would be much appreciated. Thanks

Hi
Thank you for your question.
I would suggest that each person submits an SA return for the FHL only providing the figures that relate to their share.
In effect all they are doing is declaring their share of the profit or loss of the business (FHL).
A letter confirming their share with supporting evidence should be sent to HMRC so the individual records can be noted.