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Posted Wed, 24 Jul 2024 15:18:56 GMT by Deltoo
My wife and I recently (2023/4) changed the ownership of an existing leasehold rental property to joint. Currently the freehold remains with my wife. All the tax on property income to date is being paid by my wife. We're both standard rate taxpayers. I would appreciate any guidance on how to notify the changes to Inland Revenue to both of our tax positions as my wife is now overpaying and I am underpaying?
Posted Thu, 25 Jul 2024 11:17:04 GMT by HMRC Admin 13 Response
Hi
If your individual share of the rental income for the tax year exceeds £10,000.00 (i.e., before allowable expenses), or your individual share of the rental profit for the tax year exceeds £2,500.00 (i.e., after allowable expenses) then you are required to register for Self Assessment and send a Self Assessment tax return to report your income and pay any tax that may be due. 
You should register before the 5th October following the end of the tax year. To register, please visit: Check how to register for Self Assessment.  
If your income / profit falls below the limits mentioned above, you can report your rental income to HMRC in writing without completing a Self Assessment return. 
The address to write to is: Pay as You Earn and Self Assessment, HM Revenue and Customs, BX9 1AS
If you write to us, please provide details of your total rental income, and a list of any allowable expenses you’ve claimed when calculating your profit. 
For help calculating your taxable profit, please visit  Work out your rental income when you let property
If you and your wife have unequal beneficial interests in the property and are receiving anything other than a 50/50 share of the rental profits, then you can use our ‘Form 17’ to declare your unequal shares Declare beneficial interests in joint property and income

Thank you

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