Tax calculation

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    Tax calculation

    I have property income of £27,668.45
    Finance cost of £5,772.80
    Insurances of £2241.72
    Repairs and Maintenance of £4088.72
    Legal management and other professional fees of £52.00
    Other allowable £400

    Can you tell me what you work my liability out at for this calc please. No other income ?

    Which tax year? Any other income -investments, pensions, salaries, eBay, car boots?

    How much donated charity?

    Any benefits?

    Finance cost - is that just interest?
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...


      What exactly is the Finance Cost?
      What is the insurance -- that sounds phenomenally high in relation to rent and HMRC is unlikely to find plausible in any way if you are audited.

      As above, your tax payable depends on all sorts of other stuff


        Here is my 2p worth of comment :

        Assuming you entered the info on Tax Return SA105 ( 2019) :

        Box [20] = 27,668 - rental income
        Allowable Expenses :
        Box [24[ = 2241 - insurance
        Box [25] = 4088 - repairs
        Box [26] = 2886 - 50% finance costs
        Box [27] = 52 - legal cost
        Box [29] = 0400 - others

        Box [38] = 18,001 ( profit )
        Box [44] = 2,886 - 50% finance costs

        Personal allowance = 11,850 .
        Taxable income = 18001- 11,850 = 6151

        liability to pay = 6151 at 20% + 2886 at 20% = 1230 + 577 = 1807.


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