Jump to content


style="text-align:center;"> Please note that this topic has not had any new posts for the last 2492 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

hello everybody!

 

question just to see if i am right

 

i have a property currently let in uk

i moved to uk last december and i started working as employee

in the monthly statements i see some taxes deducted

 

 

in the self assessment i filled in:

 

approximately 4000 for the rent received from the tenants

 

around 4500 with the amount of the P60 from my employer

 

as i can see i have to pay around 300 of taxes by the 31st january 2013

 

but if i am already paying some taxes in the monthly statement why should i fill the self assessment with the amount of the P60 received from my employer?

it seems like paying the taxes twice

 

 

many thanks

Edited by whitekoala

Share this post


Link to post
Share on other sites
hello everybody!

 

question just to see if i am right

 

i have a property currently let in uk

i moved to uk last december and i started working as employee

in the monthly statements i see some taxes deducted

 

 

in the self assessment i filled in:

 

approximately 4000 for the rent received from the tenants

 

around 4500 with the amount of the P60 from my employer

 

as i can see i have to pay around 300 of taxes by the 31st january 2013

 

but if i am already paying some taxes in the monthly statement why should i fill the self assessment with the amount of the P60 received from my employer?

it seems like paying the taxes twice

 

 

many thanks

 

Because the P60 shows both what you have earned & the tax you've already paid. You won't be taxed twice on those earnings : but those earnings (and their tax code) might affect the rate of tax you pay on the income from rent you have received.

 

For sake of argument let us look at 3 scenarios:

 

1) your P60 income and tax shows you didn't take all your personal allowance in those figures : the remainder of your personal allowance will be put towards your income from rent, reducing the tax to pay

 

2) your P60 income and tax shows you used all your personal allowance within the P60 figures but the extra income from rent still leaves you a basic rate taxpayer : you'll pay tax on the rent at basic rate.

 

3) P60 figures show allowance used and you earned right up to the end of "basic rate": the extra income from rent would attract "higher rate" tax.

 

So for all 3 scenarios, the P60 figures would need to be quoted to ensure the extra income you are declaring gets taxed at the correct rate, while the tax already paid is being taken into consideration, not "taxed twice"

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...