Tax help !!!! Newbie

  • 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.

    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.


      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.


      Latest Activity


      • Any property tax experts you can recommend please?
        by mpppen
        We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

        I'd really like to find someone who can advise us of the best way of either bringing the personal...
        03-03-2022, 20:00 PM
      • Reply to Any property tax experts you can recommend please?
        by Trevor62
        Thank-you for the link.

        Well my issue is Tax & Assets.

        Firstly, I am in the process of building a house in my side garden, when complete I will own two properties.

        Will I have to pay stamp duty for the new build?

        Because I am an old dad and my...
        19-05-2022, 19:44 PM
      • Reply to Capital Gains Tax dilemma
        by Gordon999
        You have owned the property for 38 years ( 1984 - 2022 ) and lived in the property for 22 Years ( 1984-2006 ) plus 16 years for letting..

        The total capital gain over 38 years is apportioned between "residence period" ( exempt for cgt ) and "letting period" ( liable...
        19-05-2022, 10:07 AM
      • Capital Gains Tax dilemma
        by Ollyn

        I am considering whether to sell my house which has been let for some time and need to see how I can best deal with CGT.

        I lived in the property from 1984 until 2006.

        From 2006 it has been occupied by tenants, now vacant and being renovated.

        18-05-2022, 18:17 PM
      • Reply to Capital Gains Tax dilemma
        by ash72
        You should seek advice from an accountant, or a property tax for tailored advice to your specific circumstances, you may be entitled to some relief if the property at any time was your own principal residence.
        18-05-2022, 21:14 PM
      • Reply to Capital Gains Tax dilemma
        by theartfullodger
        You declare (online) and pay CGT within 60 days of sale. Depending on the numbers I would expect you to pay CGT. What records do you have of applicable costs, etc?

        What you pay will depend on what CGT rules when you sell - v unlikely to be better than today, possibly worse. Covid,...
        18-05-2022, 18:29 PM
      • Reply to Tax Allowance on Rental Income.
        by Gordon999
        The property allowance is a tax exemption of up to £1,000 a year for individuals with income from land or property.

        If you own a property jointly with others, you’re each eligible for the £1,000 allowance against your share of the gross rental income.

        If your annual gross...
        18-05-2022, 16:47 PM
      • Tax Allowance on Rental Income.
        by banner257
        Can anyone help please, if a rental property is owned by two people 50 50. Would each owner be allowed to claim tax relief of £1000 each, or will the allowance of £1000 be split 50 50.
        18-05-2022, 08:42 AM
      • Reply to Tax Allowance on Rental Income.
        by jpkeates
        It's £1,000 each.

        Most landlords don't use this though, because it's rare for income from a rental property to be low enough to qualify,
        18-05-2022, 09:59 AM
      • Consent to Let - do we still need to pay tax
        by VIKKI99
        Hi, For kids school - we need to let out our Own House and move to a rental property close to school.
        The rental money I receive from my tenants is exactly same as rent I pay on my property where I am a tenant.
        Question : Rental money I receive from Tenants - should it be considered as income...
        18-05-2022, 01:07 AM