"I didn't state I was only relying on this forum."
And I didn't suggest that (although I would question it if you gave any weight whatsoever to an unknown source)- as others have advised seek an accountant you feel you can trust (or get a paid for 'qualified' opinion) in order to put your mind at rest.
You may or may not like the answer or indeed how it has been conveyed to you but the reality is it is the best way to ensure you get the right answer for you.
Seriously - if you are looking for a 'reliable' second opinion then go and pay for the appropriate advice from another qualified accountant/someone who specialises in your sector if you have concerns over the treatment your accountant is proposing.
(I am not sure anyone could argue getting an opinion off a website from an unknown source could be deemed to be 'due diligence' in this context - but I am sure you will).
LOL... "I just thought this community would be more knowledgeable."
So rather than accept advice off your accountant you look to get clarification from essentially anonymous posters in all but name....why not just ask the question on twitter and take your chances if you are not going to listen to a 'real' person...I despair for the youth of today....
I love the fact that you are 'dubious' about someone putting friend in inverted commas but not so much about asking some random strangers for whom you couldn't possibly substantiate their qualifications or experience, on behalf of someone you are then going to give this advice to.
I apologise for lack of sympathy but is this the time to breakout the violin for those people who have paid a minimal amount of tax for the many years they have been members of these schemes.
Perhaps I would if most were contrite but as with most things in the current world 'personal responsibility' appears to be from a bygone age and not something witnessed in many of the posts on this subject.
so many potential issues to consider....JC's advice whilst containing a hint of sarcasm does provide something useful contrary to your response.
Seeking a tax advisers advice is ultimately the best way forward as you seem to be wanting something more 'official' to reflect an appropriate income split.
You don't suggest the basis for changing/making official the split or why it wasn't contained within the original deed. There is no mention of the mortgage and any potential issues should the deeds be changed (as presumably the mortgage is secured against the property for which you are potentially about to change the ownership mix.
its a minefield....hence the suggestion to take paid for advice....failing that put some time in at local property networking events where there will be people who can point you in the right direction.
Failing that, you are in danger of coming across as a clueless baffoon seeking free advice on a subject you are advising someone else on (and presumably charging).
For me its a balance between cost for some to deal with a return (or hassle for them to do it themselves) and for the problems that could be caused by not submitting a return (not getting the correct refund/not having it paid directly to your bank/wrong adjustment to code resulting in over or underpayment etc etc etc).
Personally in this situation I would complete a return - you know the figures are correct and you mop up any under or over payment at the earliest opportunity - otherwise you are leaving it in the hands of the Revenue - and that never ends well!!!
My answers
"I didn't state I was only relying on this forum."
And I didn't suggest that (although I would question it if you gave any weight whatsoever to an unknown source)- as others have advised seek an accountant you feel you can trust (or get a paid for 'qualified' opinion) in order to put your mind at rest.
You may or may not like the answer or indeed how it has been conveyed to you but the reality is it is the best way to ensure you get the right answer for you.
Seriously - if you are looking for a 'reliable' second opinion then go and pay for the appropriate advice from another qualified accountant/someone who specialises in your sector if you have concerns over the treatment your accountant is proposing.
(I am not sure anyone could argue getting an opinion off a website from an unknown source could be deemed to be 'due diligence' in this context - but I am sure you will).
LOL... "I just thought this community would be more knowledgeable."
So rather than accept advice off your accountant you look to get clarification from essentially anonymous posters in all but name....why not just ask the question on twitter and take your chances if you are not going to listen to a 'real' person...I despair for the youth of today....
you don't concur....?
I love the fact that you are 'dubious' about someone putting friend in inverted commas but not so much about asking some random strangers for whom you couldn't possibly substantiate their qualifications or experience, on behalf of someone you are then going to give this advice to.
Just an observation....
'end justifies the means' - sadly probably right.
I apologise for lack of sympathy but is this the time to breakout the violin for those people who have paid a minimal amount of tax for the many years they have been members of these schemes.
Perhaps I would if most were contrite but as with most things in the current world 'personal responsibility' appears to be from a bygone age and not something witnessed in many of the posts on this subject.
so many potential issues to consider....JC's advice whilst containing a hint of sarcasm does provide something useful contrary to your response.
Seeking a tax advisers advice is ultimately the best way forward as you seem to be wanting something more 'official' to reflect an appropriate income split.
You don't suggest the basis for changing/making official the split or why it wasn't contained within the original deed. There is no mention of the mortgage and any potential issues should the deeds be changed (as presumably the mortgage is secured against the property for which you are potentially about to change the ownership mix.
its a minefield....hence the suggestion to take paid for advice....failing that put some time in at local property networking events where there will be people who can point you in the right direction.
Failing that, you are in danger of coming across as a clueless baffoon seeking free advice on a subject you are advising someone else on (and presumably charging).
For me its a balance between cost for some to deal with a return (or hassle for them to do it themselves) and for the problems that could be caused by not submitting a return (not getting the correct refund/not having it paid directly to your bank/wrong adjustment to code resulting in over or underpayment etc etc etc).
Personally in this situation I would complete a return - you know the figures are correct and you mop up any under or over payment at the earliest opportunity - otherwise you are leaving it in the hands of the Revenue - and that never ends well!!!
well I suppose that at least means most of the money will get spent in the local community - assuming it is cash that is.
unlike our richer compatriots who 'hide' their money abroad so it never sees the UK....