Self Assessment Confusion

BoogieNoo

Hello there, I'm looking for someone with a bit of know how to clear up my confusion on my self assessment.

I am employed and have entered my job income.

I jointly own a property and my share of the income comes to 4125.

The confusion arises when I add in the expenses for the property i.e.
repairs, mortgage interest, expenses as this increases the final calculation of what I owe the HRMC.

Is this correct? I was under the impression that the expenses were taken off the money made resulting in owing less tax...

If anyone can clear this up for me I would greatly appreciate it, as you can probably tell my knowledge on the subject is limited at best.

alibabba_2

when you say the final calculation has gone up, was the rental income included before this as well as your employment income?

The other question is did you enter the expenses in the correct boxes?

Sorry, don't want to sound patronising but sometimes the obvious is hard to spot yourself...

BoogieNoo

Both my rental and employment income are already added. I've calculated to see what the tax comes out to with just this info.

Once I go back and add the expenses in (I'll add the actual box titles below) the payment required increases!

Property repairs, maintenance and renewals:

Loan interest and other financial costs:

Total property expenses:

System

On the UK property page when you enter the expenses does it not calculate your UK property profit or loss automatically?

JamesElliott122

BoogieNoo I used a website called simpletaxreturns.com just this week and they were brilliant. Only charged my £49 and saved all the hassle. I really recommend.

kipperman

Hmm. New poster and both posts promoting a website.

System

JamesElliott122 wrote: »

BoogieNoo I used a website called simpletaxreturns.com just this week and they were brilliant. Only charged my £49 and saved all the hassle. I really recommend.

You do not REPEAT DO NOT need to pay anyone to file employment and property income online. If you want help here provide more information. If not make an appointment at the nearest HMRC enquiry centre which has the facilities to help with online filing. They don't charge you for the help.