You are only required to keep the following records for jointly-owned UK property:
•one transaction each quarter for your share of each category of income
•one transaction each tax year for your share of each category of expense
If you have more than one jointly-owned UK property, you do not need to keep separate records for each property, as the transactions above can be for your total share.
Your share of jointly-owned UK property must be included in your total UK property quarterly update. This is achieved as follows:
If you have jointly-owned and fully-owned UK property
In the VT Transaction+ file that contains transactions for your fully owned UK property:
1.Enter the summary transactions above*.
2.Submit a UK property quarterly update by following the steps in Submit a quarterly update, but where self-employment is referred to, select the equivalent command for UK property.
If you only have jointly-owned UK property
Option 1
Enter the summary transactions above in a VT Transaction+ file and submit a UK property quarterly update by following the steps in Submit a quarterly update, but where self-employment is referred to, select the equivalent command for UK property.
Option 2
Use VT Report rather than VT Transaction+. In VT Report:
1.Select Application > Create a file based on a template > Digital record sheet > Not VAT Registered Joint Landlord.
2.On the template that opens, enter the summary transactions above.
3.Submit the quarterly update from the template. For full instructions, see VT Report User Guide: Jointly owned property.
*If transactions for jointly-owned UK property are already on a different VT Transaction+ file, the summary figures can be determined by running the profit and loss report from that file (Display > Profit And Loss Account).
