Self Assessment

lived

Hi all, I was wondering if anyone could help me.

I am completing my own online self assessment, as I have a rented property that provides my income. I have included all of the necessary deductions I think I can claim for i.e. interest on the mortgage, house insurance, set up fees, maintenance etc etc, and I was wondering what my own personal allowance is that I can add to this before I would pay any tax....?

Can anyone help. So far all of the figures input imply my outgoings come to approx £10100, with an income of £18.365, yet state taxable income of approx £5000......!!

I am confused. I would not have expected to have been liable for that much taxable income.

This is my first attempt so any help would be much appreciated.

BoGoF

For 2010-11 the personal allowance was £6475 but the calculation will take this into account and does not need to be claimed.

This assumes you are under 65.

System

£18365 - £10100 = £8265 profit

£8265 - £6475 (personal allowance) = £1790 of taxable income @20% = £358 tax due

ceeforcat

If the house is furnished, have you claimed Wear and Tear allowance?

lived

All thanks for this, yes I have claimed for wear and tear now !! this has reduced the bill further so I much appreciate you advise. Do you need to produce the receipts for repair work. I have a folder of them some where.