Please help, what % on xtra income

Al1976

My wife and I are attempting to do our self assessment tax return for the first time on a rental income. We are also both full time employed on PAYE. We have worked the profit on our rental property to be £2475 each. We are on the most common 1250LM tax code with our jobs. 

The question is what calculation is made to work out what we each pay on £2475??
Please help....

Dazed_and_C0nfused

It is added to your other taxable income and taxed at 19/20/21/40/41/45/46% depending on what other income you have and where you are resident for tax purposes.

The Self Assessment calculation will show you the exact figures.

Al1976

Ok so as we complete the online form the figure will automatically generate?

Dazed_and_C0nfused

Yes, if you want to see the exact impact complete the return without the rental income.  Don't submit it to HMRC but view the calculation and note the bottom line.

Then add the rental income and check the updated calculation to see the extra tax due.

Then submit it to HMRC.

Al1976

Thank you. We pay tax every month with our jobs and other income. I assume the form will recognise this..

Dazed_and_C0nfused

They may be pre included on the return but either way you need to ensure all taxable income (and any tax deducted at source) is included before filing the return.

[Deleted User]

Al1976 said:

Thank you. We pay tax every month with our jobs and other income. I assume the form will recognise this..

It will provided, as Dazed says, you enter the employment income AND the tax deducted which many omit.