Should I set up a partnership for rental income?

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My brother and I are renting 2 spare rooms in our house and we share the rental income. Do we need to set up a partnership or we can just file a self-assessment each? Is there any difference/benefit setting up a partnership vs normal self employed?

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By bettybobbymeggie
07th Jan 2019 19:47

Just complete the property pages. Also take a look at the following:

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

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Replying to bettybobbymeggie:
Me
By Consuelo
08th Jan 2019 08:24

This is the link for self employed

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By SteveHa
08th Jan 2019 10:22

Renting a room in your home is not a trade, and so not self-employment. If you each own part of the property (e.g. 50/50) then you are each entitled to an equal proportion of the rent and will declare it as such.

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