Property income: joint ownership

This schedule sets out the scope of services we will provide.

The purpose of this schedule is to clearly define what is and is not included in the scope of our work.

This schedule should be read in conjunction with our engagement letter and our standard terms of business.

As part of our agreed services, we will:

• Request and review details of your rental income and allowable expenses
• Calculate your rental profit or loss for the tax year in line with applicable law
• Advise on any reliefs or deductions available (e.g. mortgage interest, repair costs)
• Report your rental figures accurately within your Self-Assessment tax return
• Liaise with you to clarify any inconsistencies or queries relating to your records
• Prepare a rental income and expenses schedule showing your share for the jointly owned property(s)
• Calculate each owner’s share of profits or losses based on the beneficial ownership split
• Include the relevant figures in the UK property section of the individual’s tax return
• Provide a copy of the rental summary for your records

Please note: this list is not exhaustive. Any work not specifically listed under "Included work" is deemed outside the scope of this engagement unless we have expressly agreed otherwise in writing.

Where additional work is required, we will advise you of the scope, our proposed fee, and obtain your agreement before proceeding.

The following work is outside the scope of this service unless separately agreed in writing:

• Preparation of returns for joint owners not engaged directly with us
• Advice on beneficial ownership vs. legal ownership (e.g. Form 17 elections)
• Reporting of capital gains on property disposals

Please note: this list is not exhaustive. Any work not specifically listed under "Included work" is deemed outside the scope of this engagement unless we have expressly agreed otherwise in writing.

Where additional work is required, we will advise you of the scope, our proposed fee, and obtain your agreement before proceeding.

You agree to:

• Provide complete and accurate details of rental income and expenses for the relevant tax year
• Confirm the legal and beneficial ownership percentages and provide evidence where required
• Inform us of any changes in ownership structure or use of the property
• Retain relevant supporting documentation for tax purposes

We agree to:

• Prepare accurate rental income calculations in accordance with applicable law
• Allocate property income correctly based on the ownership details provided
• Complete and file the UK property section as part of your tax return on your behalf
• Keep you informed of any changes to HMRC rules affecting your rental income reporting