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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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As part of a divorce settlement a property I own and

Resolved Question:


As part of a divorce settlement a property I own and rent out has the proceeds and mortgage and all associated bills paid into/out of a joint account with my Ex husband.
The monies in the account is only used associated with the property. When I sell the property any remaining monies in the account will be split 50/50.
I am finalising my Self Assessment - should I declare all the monies/profit or should this be split 50/50?
Thank you
Caroline
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site. Thank you question.

Please advise if the property is in your sole name

Many thanks
Customer: replied 2 years ago.

Yes the property is in my sole name

Expert:  taxadvisor.uk replied 2 years ago.
Caroline, thank yoy prompt reply.

As the property is in your sole name you should declare 100% of the profit from property income on your tax return.

You mentioned all the monies/profits.
You only report the profit from rental of property and not all monies in/out of the account.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

thank you answer.

The property is fully managed by an estate agent/letting agent. So briefly looking at the SA, I declare the gross payments less their fees, less repairs, less insurance & less interest on mortgage payments etc

Expert:  taxadvisor.uk replied 2 years ago.

Caroline, thanks reply.

You are correct in your understanding.

You claim expenses listed and repairs and maintenance costs.

I hope this is helpful and answers your question.

taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you my answer.

Best wishes.
Customer: replied 2 years ago.

Thank you