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Hello. If we split the profit and expenses from our rental income equally our profit will be around £1600 each. As this is less than £2500 does this mean that we don't have to complete a self assessment form and we can simply update our tax records and the tax will, be taken through the PAYE system through our employee tax payments?
Hello. My wife and I rent a house out and we both work part time and pay tax through our employment PAYE system. We both earn individually £21,000. My question is do we both need to submit tax self assessment forms as the house is in joint ownership? The profits will be shared equally, basically it will go in our joint bank account. Regards