Tax help !!!! Newbie

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    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.

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      #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

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