L8888

Hello. I have became a landlord in November 2022. The income is split with my wife. We only have one property that we are renting. I am in full time employment (PAYE) and my wife is full time housewife. Can you please advice when should we register for Self Assessment? Also is the deadline to submit Self Assignment January 2023?

Hi, Many thanks for the reply. Just to clarify this is a rental property with both our names in the deed. We do not currently live in the property. I have a few follow up questions please. I noticed that I need to supply evidence of beneficial interest in the form of a declaration of trust. Do you have any specific guidelines around this please? Besides completing Form 17 and submitting the Declaration of Trust is there anything else we need to do? I do keep all receipts and records of rental payments and invoices. Regarding the rental income, as it’s 50/50 at the moment the rent is currently deposited into my account, which I then transfer 50% over to my wife every month after deducting any expenses. Will this be an issue? I suppose the question here is, would it matter which account the rental payment is received, and any expenses paid out from?

Hello! I own a house where myself and my wife are on the mortgage and deeds. I am paying all of the mortgage. We are planning to rent the property out, and I am thinking of transferrinng 100% of the rental income to my wife. Can you please advise if this is possible and what would be the correct process to follow please? Also, we do this retrospectively? For example, if we start renting the house in January but we've only completed the required procedures say in March. How would be the income declared? 50-50 January and February, and 100% to wife from March or 100% to wife from January?