Self Assessment and joint landlords

Hi, my husband and I own a property as joint tenants which we started to rent out on 2nd of October 2023. Should we have been doing a self assessment by the end of this month or is it not until next year? As joint owners we, presumably, split the rental income down the middle and have to do separate self assessments? Do we get the £1000 tax relief each or is that split between us?

Hi Becki,
As you started to rent out your property in October 2023 then you will need to complete a tax return for the 2023/24.
As husband and wife we would expect you to split the rental income 50/50 along with any expenses.
You will both be able to claim the Property Income Allowance.
Thank you. 


 

Thank you for the reply, just to confirm we don't need to do anything before the 31st Jan this year or we do? If we do and we don't have self assessment tax references does this mean we are looking at fines (is that a £100 each) and we can't apply for reference until after 31st January?

Hi,
With the given information in your question and looking back at similar questions asked, if your rental business began on 2nd October 2023, we would not expect a Self-Assessment Tax Return to be submitted until after 6th April 2024 when the current tax year ends.
With this in mind, you would then check the Self-Assessment criteria to determine if a Tax Return is necessary for the first year of rental found here: Check if you need to send a Self Assessment tax return.
In terms of any penalties, I would not expect that any penalties would be applied to either record if registration is completed indicating that rental income commenced in the current tax year, 2023/2024.
Thank you.