Landlord - 50% property share

Accounting
1

Hello,

I’m a landlord with 2 rental properties. I’ve read about the Landlord template and that sounds perfect. However, I have one issue. My 2nd rental property is owned 50 percent by myself and 50 percent by my sister, I want to be able to enter the full amount for each rental payment and invoice for this property but for QuickFile to only show 50% of the rental income and the same for invoices on the reports for this split ownership property. Is this possible and if so what’s the best way of setting things up?

Thanks

James

2

Hello @James_Duncan

It would not be possible to enter the full value on the invoice but only show half on your accounts as the two go hand in hand.

For example if the rent was £1000

Questions to ask are:

  • What type of company is it Sole trader/limited company etc?
  • Who invoices the customer/tenant you , your sister or an agent?
  • Where does the payment go, your/your sisters personal account, a joint account, a business account, or a letting agent?
3

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