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New Tax Code Not Mentioning Rental Income

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Al_Ross
Al_Ross Posts: 976 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
Tax Return was completed last year. Recently received new code which is S1257L.

No mention on the tax code notice about the rental income. Which was all on the Tax return.

Should I call them and query this?

Comments

  • El_Torro
    El_Torro Posts: 1,890 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Assuming you do a self assessment online every year you can login to your gov.uk account and tell HMRC how much profit you will get from your rental income this year. It's just an estimate of course, though they will use this figure to adjust your tax code and take the extra Income Tax from your PAYE income. 
  • Bookworm105
    Bookworm105 Posts: 2,016 Forumite
    1,000 Posts First Anniversary Name Dropper
    did you actually tick the box asking for collection through the code? 
    if you did, it is unlikely that the computer has failed to process that instruction.
  • DRS1
    DRS1 Posts: 1,291 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Do they actually do that?  If you put the rental income into a self assessment wouldn't you just get a tax bill to be paid at the end of January and July?
  • El_Torro
    El_Torro Posts: 1,890 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    DRS1 said:
    Do they actually do that?  If you put the rental income into a self assessment wouldn't you just get a tax bill to be paid at the end of January and July?
    You can just pay the tax bill after you have submitted your self assessment. However there is also an option for it to be taken out of your PAYE income through a change in your tax code.
  • DRS1
    DRS1 Posts: 1,291 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Ah yes I forgot about the boxes you can tick for collecting via a tax code.  I thought it was just state pension and untaxed interest they added/subtracted from your tax code. 
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