Joint Income from Property

Fitz

My clients are husband and wife, own properties in joint names, have mortgages in joint names, but only the husband receives the actual income into a bank account in his name only. Non of the profits are transferred to his wife. However, HMRC assume the profit is split 50:50, and should be declared as such on the tax returns. Should I be concerned all the profits are in his bank account? Or is this of no concern to HMRC as my clients are husband and wife, so will have mutal benefits from the profits ??

douglasstroud

As long as they are both declaring their share at 50/50 in their own personal tax returns it does not matter who receives the income