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£57 profit but almost £1000 tax!?

asset2004
asset2004 Posts: 2,453 Forumite
edited 28 January 2014 at 2:46PM in Cutting tax
user error - sorry
Life is a coin, you can spend it anyway you wish, but you can only spend it once.
Go as far as you can see, and when you get there you'll see further.
Take time but don't waste time

Comments

  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    since you don't provide any where near enough information the answer is no idea as we can't see what other figures you put in which box nor what tax you have paid elsewhere and therefore whether you may have an underpayment outside of the rental business which is now being recouped
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    User error would be my guess.
  • asset2004
    asset2004 Posts: 2,453 Forumite
    PAYE is £24,000, the tax is around £2,500.
    Life is a coin, you can spend it anyway you wish, but you can only spend it once.
    Go as far as you can see, and when you get there you'll see further.
    Take time but don't waste time
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    asset2004 wrote: »
    PAYE is £24,000, the tax is around £2,500.

    on 24,000 PAYE your tax would be about 3,179 plus NI of course
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    CLAPTON wrote: »
    on 24,000 PAYE your tax would be about 3,179 plus NI of course

    That is assuming the code number is 810L

    What actually is the code number, including anything up to 6 spaces after thr L.
    The only thing that is constant is change.
  • asset2004
    asset2004 Posts: 2,453 Forumite
    zygurat789 wrote: »
    That is assuming the code number is 810L

    What actually is the code number, including anything up to 6 spaces after thr L.

    It's 810L/ N
    Have worked it out, thanks to everyone that took the time to reply. Completely user error :o
    Life is a coin, you can spend it anyway you wish, but you can only spend it once.
    Go as far as you can see, and when you get there you'll see further.
    Take time but don't waste time
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