Tax help !!!! Newbie

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Tax help !!!! Newbie

    Great forum! 1st time posting.
    My wife and I rent out properties in both our names
    I had a accident which left me disabled
    I am receiving ESA contribution based (taxable)
    My wife is in receipt of careers allowance (taxable), all of which is probably academic. The year 2012-2013 my tax code was 810L, in September 2012 it WENT DOWN to 544L to recoup £266 under payment of tax which had occurred from April 2012-Sept 2012, because of the ESA & property rental income. We have left things to the last minute to do our self assessment, no excuse, but would appreciate a little advice. Obviously if we use the tax code 544L for the entire year for both ESA & rental income it would have a massive impact, it seems very low as a tax code for the entire year for all income. Many Thanks any advice greatly received.

    #2
    I'm not really sure what your question is!

    You would declare all of your taxable income, along with the tax already paid on that income, on your tax return. Any tax underpaid or overpaid will then become apparent.

    Comment


      #3
      When did you starting receiving income from property rental ? and have you declared the income on your tax return for last year ( 2012-2013) ?

      On your tax return , you should declare the income from your job , from ESA or Careers Allowance, 50% share of profit from property renting plus any tax paid during the year under PAYE .

      You will be able to claim a personal tax free allowance of 9440 pds for 2013-2014 and the excess will be charged at 20% or higher.

      Comment

      Latest Activity

      Collapse

      • Reply to New to Renting out my property - Some tax questions
        by DoricPixie
        Your tax situation in Australian depends on whether you’re a permanent resident/citizen or a temporary resident. If you’re a temporary resident you find yourself in tax sweet spot where HMRC doesn’t care about your Australian income and assets and the ATO doesn’t care about your UK income and...
        24-06-2022, 14:29 PM
      • New to Renting out my property - Some tax questions
        by mucker973
        Hi All,
        I have a property I used to manage myself. The tenant paid me directly and I never declared it with the taxman. Going forward I have decided to use a letting agent to manage all of this. I currently reside abroad and when filling in the forms there is question which essentially is asking...
        24-06-2022, 07:39 AM
      • Reply to New to Renting out my property - Some tax questions
        by Gordon999
        If you are living overseas, you must register as a non-resident landlord using NRL1 form to Tax Office if you receive rental income from a UK property. If you don't register , the letting agent is required to deduct 25% tax on any rental money paid to you.

        After being registered...
        24-06-2022, 09:31 AM
      • Reply to New to Renting out my property - Some tax questions
        by jpkeates
        https://www.gov.uk/government/public...g-a-disclosure

        There's a "not quite an amnesty" operating at the moment.
        24-06-2022, 09:02 AM
      • Reply to New to Renting out my property - Some tax questions
        by mucker973
        Thanks JPkeates, I knew you'd know!

        I've been thinking of reporting it for a while. If I declare these past "earnings" do you think I'll just have to pay the tax (if there is any) or do you think there will be any penalties? Penalties are usually applied when you are caught out...
        24-06-2022, 08:47 AM
      • Reply to New to Renting out my property - Some tax questions
        by jpkeates
        I don't know what the situation is with Australian tax on UK rented property, and you'd probably better enquire locally.

        There are two different things to address.
        If you've been receiving income and not declaring it, you need to own up and pay what you owe - which sounds like nothing...
        24-06-2022, 08:32 AM
      • Reply to New to Renting out my property - Some tax questions
        by Covent Garden Girl
        Your questions are more complicated than you imagine.

        1) Yes, firstly as a non resident landlord, the agent or indeed tenants have to deduct tax at source, or you have to send off a form, but also wait for HMRC to send confirmation that they think it is okay for you not to have the tax...
        24-06-2022, 08:17 AM
      • Are utility bills tax-deductible?
        by Bigpat
        I've had a buy-to-let on a standard Assured Shorthold Tenancy for a few years and my tax return has been pretty simple. But since last year I have also had two lodgers, staying with me at my own residential property. Now I have purchased a small additional property, which I have moved into myself and...
        21-06-2022, 14:26 PM
      • Reply to Are utility bills tax-deductible?
        by jpkeates
        Even if you don’t need a licence, managing an HMO can be quite onerous. You’ll need a fire risk assessment, and then to comply with its requirements as a first step.

        That usually means fire retardant doors, different door locks, hard wired fire and smoke and heat alarms for a start....
        24-06-2022, 07:08 AM
      • Reply to Are utility bills tax-deductible?
        by Bigpat
        Thanks. Yes I checked the local authority who said that only "large" HMOs have to be licensed, and that counts as 5 or more tenants.

        I had no idea that separate TV licences would be required. How do HMO landlords usually handle this?
        (a) should I purchase three additional...
        23-06-2022, 21:38 PM
      Working...
      X