My wife and I are joint owners of a buy to let property and wondered how we would file a tax return for it?
As it’s jointly owned would a partnership be required?
I am self employed and due to my earnings would be in a higher tax band if the profits were in just my name?
In a partnership would half the profts be at a higher tax band, and the other at my wifes lower tax band?
I own with my husband and we split profit 50:50 there is no partnership require. I am not a tax expert but if you are going to keep property for longer period of time I think there is somethng you can file with land registry where you have a smaller proportion of ownership and your wife with lower tax payer can hold higher proportion then you can spit profit accordingly.