Due to concessions for jointly-owned property, you only need to keep the following records for MTD:
•one transaction each quarter for your share of the total of each category of jointly owned UK property income
•one transaction each tax year for your share of the total of each category of jointly owned UK property expense
Any share of property that you jointly own must be included in your total UK property quarterly update. This is achieved as follows:
For each jointly-owned foreign property, the simplest method to submit a quarterly update is to use VT Report rather than VT Transaction+.
In VT Report, select Application > Create a file based on a template > Digital record sheet > Not VAT Registered Joint Landlord.
Enter the following transactions on the Digital record sheet:
•one transaction for each quarter for the total of each category of the foreign property income
•one transaction for the tax year for the total of each category of the foreign property expenses
You can then generate and submit the quarterly update from the sheet.
You will need a separate Digital record sheet and quarterly update for each jointly-owned property but these can be within the same VT Report file.
If the transactions for a jointly-owned foreign property are on a VT Transaction+ file, the summary figures above can be determined by running the profit and loss report from that file (Display > Profit And Loss Account).
