My tenants will have been paying rent all of the current financial year. I am the landlord of a property jointly owned with my wife. We currently are on PAYE and generally don’t receive a tax return to complete. I understand I need to register for tax purposes by 6/10/22 in order to trigger a form to complete. Is this just my tax liability or can it be shared between us. Any other advice gratefully appreciated
The income normally goes with ownership so your wife will be assumed to be receiving half the rent for tax purposes unless you change this. So yes. You can each complete a tax return for half the income.
It may be worth hiring an accountant for this first year. Individuals can miss out on things they’re eligible for and end up over paying, and an accountant will help you understand the best way to file this.
Some info from HMRC here… Work out your rental income when you let property - GOV.UK
They also run webinars…