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

      • CGT and income
        by slopemaster
        Considering selling our rental property and trying to estimate how much CGT is due. We are both basic rate tax payers and the gain from the property will take us into higher rate, so the amount of tax we pay will depend on income for that year – it does vary year to year. I presume the relevant income...
        06-07-2022, 05:47 AM
      • Reply to CGT and income
        by slopemaster
        Thank you all
        06-07-2022, 14:47 PM
      • Reply to CGT and income
        by Lesney Park
        Yes

        You do, or better an accountant but essentially you report and pay the gain at HMRC https://www.gov.uk/report-and-pay-yo...r-6-april-2020 estimating what you need to, and then report it again essentially in your tax return...
        06-07-2022, 08:34 AM
      • Reply to CGT and income
        by jpkeates
        You estimate your income for this year and declare and pay the tax accordingly.
        When you complete your tax return for the tax year, the figures are adjusted then....
        06-07-2022, 08:27 AM
      • Reply to CGT and income
        by theartfullodger
        60 days not 2 months.
        06-07-2022, 07:50 AM
      • Reply to SDLT and first time buyers
        by DoricPixie
        How old are these children if they have yet to go to university?...
        04-07-2022, 22:50 PM
      • SDLT and first time buyers
        by mpppen
        Hello again.

        Just wondering if someone can advise.

        If I sell a BTL to my children who do not own their own property, I understand that they'll get the stamp duty relief.... two questions then.

        If they're buying the £350,000 jointly, does the relief count for...
        03-07-2022, 21:52 PM
      • Reply to SDLT and first time buyers
        by jpkeates
        If the buyers are going to rent the property while they go to university, it may meet the criteria for Stamp Duty Relief but it may not.
        It would be unusual for siblings leaving university to be able to commit to cohabit in a particular place when they graduate.

        There's obviously...
        04-07-2022, 15:14 PM
      • Reply to SDLT and first time buyers
        by AndrewDod
        Apart from anything else, if you are selling the property to the kids, you are getting cash and they have a 100% mortgage - and then they are not actually paying a mortgage on 100% of 350K you will be paying it -- it is not a classic GROB, but risks falling foul of GROB rules - so when you die, even...
        04-07-2022, 14:45 PM
      • Reply to SDLT and first time buyers
        by mpppen
        Thanks.

        Yes, the lender is happy to lend them 100% the purchase price so not gifting on our side. In essence, it's just removing it from our name into theirs as he is also our lender.

        It's unusual I appreciate but it's a private commercial lender - if that makes sense. His...
        04-07-2022, 13:55 PM
      Working...
      X