If you co-own a rental property, each owner reports their own share of its income and expenses, and that share can change over time, for example when you transfer part of a property to a spouse or buy out a co-owner. This guide explains how to set each owner's ownership percentage, record a change from a specific date, and how Landlord Studio uses those periods in your reports and Making Tax Digital (MTD) submissions.
Set ownership for the first time
Step 1: Open the property, then select the "Contacts" tab and the "Owners" sub-tab.
Step 2: Select "Manage ownership".
Landlord Studio will show "No ownership history yet" if no split has been set.
Step 3: Select "Add split ownership".
Step 4: Enter the "Start date" the split applies from.
Step 5: Enter each owner's percentage in the "Ownership %" column. Use "Add new owner" to include another linked owner.
Step 6: Check that the "Total" shows 100.000%, then select "Save".
You cannot save the split unless the total is exactly 100%. Make sure each percentage is right, because it changes how much income and tax is reported for each owner.
Record a change in ownership
Use this when owners' shares change, for example a transfer between spouses, a co-owner buying in, or one owner selling their share.
Step 1: On the "Owners" sub-tab, select "Manage ownership".
Landlord Studio will list every period under "Ownership % history", newest first, with each owner's share.
Step 2: Select "New ownership change".
ℹ️ You can only add a change after your latest period. If your latest period runs "onwards", the change starts after it. To add a change later than an existing end date, give that period an end date first.
Step 3: Enter the "Start date" of the new split. Transactions dated on or after this day use the new split.
Step 4: Enter each owner's new percentage. To remove an owner from the new period, set their share to 0 or select the bin icon next to them.
Step 5: Check that the "Total" shows 100.000%, then select "Save".
Landlord Studio will close the previous period the day before your new start date and add the new period to the history.
Working Example
James and Nancy co-own a property. James owned 100% from 1 April 2022. On 1 March 2024 he transferred 35% to Nancy.
1 Apr 2022 to 29 Feb 2024: James 100%
1 Mar 2024 onwards: James 65%, Nancy 35%
Rent received on 15 February 2024 is reported entirely by James. Rent received on 15 March 2024 is reported 65% by James and 35% by Nancy.
If you need help setting up ownership periods for a co-owned property, reach out via the in-app chat or at help@landlordstudio.com.