I’m okay with the idea of MTD, quarterly reports etc for the business with the owner’s (Ltd or individual) tax account being updated over the year, with end of year updates etc.
But what happens with income from jointly owned assets e.g. a small property portfolio. This could be husband and wife or just business colleagues, and split in any ratio you chose.
Do I assume that MTD would have to be applied to a ‘partnership’ which then allocates profits to the ‘partners’ and therefore the partners’ tax accounts are updated.
I note the Q&A on say £16,000 of rents over two people at https://www.accountingweb.co.uk/any-answers/application-of-mtd-to-jointl..., but that was just applicable to the individual £8,000 share, so MTD is not used in those circumstances.
I’m more interested in say £22,000 of rents over say two people, split 50:50 and how the individual taxpayer's tax account is updated from the joint property portfolio.