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New Tax Code Not Mentioning Rental Income
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Al_Ross
Posts: 976 Forumite


in Cutting tax
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?
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Comments
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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.0
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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.0 -
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?0
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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?1
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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.0
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