Buy to let rental income tax

delicious11

Hi

I've searched and could not find a thread relevant to my question.

When filling out the self assessment form for paying my buy to let tax, do I declare my salary before tax or after?

I am already taxed through my employer and so I think entering my salary before tax will make me be taxed again. Please advise.

theartfullodger

You declare EVERYTHING. Salary, and cash-in-hand stuff, bank interest, shares, eBay, car-boot sale proceeds, rental income (ALL not after expenses - expenses go elsewhere...) etc etc. Oh, don;t forget to put down charitable donations - might reduce your tax bill.


NB Be aware as a landlord there are at least 10 taxes you might be liable for: Not just income tax. And just worrying about income tax might mean missing some (tax) savings elsewhere.

delicious11

Doesn't answer my question. So I declare salary before or after it has already been taxed?

Which means I will be taxed twice?

ProDave

delicious11 wrote: »

Doesn't answer my question. So I declare salary before or after it has already been taxed?

Which means I will be taxed twice?

Yes declare your salary gross. They then add ALL your income together to get your total income.

But there is also a box to declare tax already paid (via PAYE) so that will be taken into account when determining how much tax is due, so no you will not be taxed twice.

There is usually an option when they do the calculations of paying the extra tax due in one or 2 payments, or adjusting your tax code so your employer deducts more PAYE tax.

delicious11

ProDave wrote: »

Yes declare your salary gross. They then add ALL your income together to get your total income.

But there is also a box to declare tax already paid (via PAYE) so that will be taken into account when determining how much tax is due, so no you will not be taxed twice.

There is usually an option when they do the calculations of paying the extra tax due in one or 2 payments, or adjusting your tax code so your employer deducts more PAYE tax.

Thank you! This makes sense.

Do you know where I can get copies of how much tax I have paid via UK GOV or do I need to go to my employers which I am reluctant to do as they will take ages.

camptownraces

The income tax deducted from your salary as PAYE will be shown on your pay slips, and also on your annual P60 form. (You have kept all these documents, haven't you?)

BlackBird75

I can't tie my own shoelaces, but feel confident enough to become a landlord.

Where do I apply...?

theartfullodger

BlackBird75 wrote: »

I can't tie my own shoelaces, but feel confident enough to become a landlord.

Where do I apply...?

Any estate agent's office. Take cash - don't bother to get a receipt.



Sadly having competence is no requirement for being a landlord: Nor to be an agent: Not to be a tenant: Nor, afaik, to be an MP......