Tenants in common income tax!

[Suitcase]

Hi guys, me and my wife are tenants in common of a rental property we own. My wife pays higher rate tax than me, so my question is......Do we declare the rent split 50/50 on our self assessment returns or can I declare all the rental in my name?  
 

thanks in advance.....

[Richlist]

If the property is jointly owned you should include 50% of the income and expenditure on each self assessment tax return for your wife & yourself. HMRC will always assume a 50% split on jointly owned property unless you take action to change it. If you want a different split you will need to complete the appropriate forms. You'll need to see a solicitor to get the new split formalised.

[Suitcase]

Thanks for the reply. I have a further question.....we only started renting the property out in December.. The total rent received up to 6th April is £1600..

As I understand it, we both get a £1000 property allowance..So for tax year 20/21 do we have  to declare anything?  
 

thanks in advance      

[Richlist]

If your income from property rental is less than £1000 then its tax free & doesn't need to be included in your tax return.

[Suitcase]

Thanks for the reply…..ATB