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Tax I have to pay on rental property seems huge!! Is it right?
davemorton
Posts: 29,084 Forumite
in Cutting tax
I work full time, and pay all my tax, NI etc. through my employer. wage before tax is around 33k. No student loan to pay.
I also own 50% of a commercial property that is rented out.
My share of rental income is £1690
Property repairs, maintenance and renewals was £1278
Taxable profit for the year £ 412.00
Total tax, Class 4 NIC and Student loan due for 2010-11 = £494.80
Seems a bit high with it being higher than the taxable profit I made from the property.
Does it look right, or where have I gone wrong?? :beer:
I also own 50% of a commercial property that is rented out.
My share of rental income is £1690
Property repairs, maintenance and renewals was £1278
Taxable profit for the year £ 412.00
Total tax, Class 4 NIC and Student loan due for 2010-11 = £494.80
Seems a bit high with it being higher than the taxable profit I made from the property.
Does it look right, or where have I gone wrong?? :beer:
“Quis custodiet ipsos custodes?”
Juvenal, The Sixteen Satires
Juvenal, The Sixteen Satires
0
Comments
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What is your Gross Pay, tax deducted and tax code from your P60 for 2010/11?0
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All being equal with your PAYE, then your bill should be around £83. Did you have any taxable benefits not reflected in your tax code, e.g.medical benefit?0
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how much were your student loan repayments made via your salary?[SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
[/SIZE]0 -
Or pay pension contributions which should come off your Gross Pay to become your taxable pay?0
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THANKS for the quick replies,
Sorted now (only took me a day and 4 helpful posts.
Cant find my P60, so am using my March payslip, and had managed to enter niable pay, not taxable pay YTD. Have just changed the amount, and yes, BoGoF, spot on, it now comes out at £82.80. Cheers all.“Quis custodiet ipsos custodes?”
Juvenal, The Sixteen Satires0
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