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Posted Sun, 24 Nov 2024 22:59:11 GMT by hazza101
I am completing a self assessment for a BTL property. As me and my wife jointly own this equally does income, expenses and cost all need to be halved when completing each self assessment? Can you also confirm that they are added to the correct section? Rent, rates, insurance, ground rents etc Amount entered on each self assessment: £498 (total cost for me and wife is £996). This is total for grount rent and service charge costs Residential property finance costs: (optional) Amount entered on each self assessment: £2919 (total cost for me and wife is £5,837) this is the interest only cost for the tax year
Posted Tue, 26 Nov 2024 13:33:00 GMT by HMRC Admin 17 Response

Hi ,
 
Thanks for your question.

If the property is jointly owned by yourself and your wife, then the default split would be 50/50.

In this case, you would declare income and expenses incurred within the same 50/50 split.

You are correct in your follow-up queries.

Thank you .

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