Income from property and also tax due

[platforminc]

Hi All,

Just wanted to clarify a few things here so that I can have an idea.

Always been a permie well up till June 2011, so paid under PAYE up till that time. After which I went contracting.

I have up till this date, paid myself minimum wage and declared the rest as divs etc.
My question is that If I have made £8k in the last financial year as rental profit, what is my tax due ?

In that financial year, I was permie then and high rate of tax payer.

Thanks in advance.

[northernladuk]

You accountant will be able to tell you that it will be £452.32

[Clare@InTouch]

Assuming your salary takes you into the basic rate band, the property income would be taxed at 20%. This could then push your dividends into higher rates, if they aren't there already, so there will be tax due on them too. Dividends are always taxed after property income.

But as NLUK says - talk to your accountant. The exact tax due will depend on your overall income in the tax year in question.

[platforminc]

You accountant will be able to tell you that it will be £452.32

Which formular did you use to work this out/how did you arrive at this figure ?

[northernladuk]

Which formular did you use to work this out/how did you arrive at this figure ?

I took a look at some of your previous lazy posts, in particular this one where you touch on self assessments and even have to ask what the tax year is. Let us call this 'I'

I also factored in the fact you have been told to get an accountant before and haven't so call this 'D'

Multiply this by the equation 'This is free advice and you should treat it as such', represented as I.

A bit of shaking of the head at your posts represented as 'O'

and then finally subtract this by the direction of the wind found by sticking my finger up my ass and then holding it aloft because I have nothing better to do... 'T'

Putting this in to one equation I get..

I+D+I*O-T = £452.32

Easy... Anything else I can help you with?

[platforminc]

I took a look at some of your previous lazy posts, in particular this one where you touch on self assessments and even have to ask what the tax year is. Let us call this 'I'

I also factored in the fact you have been told to get an accountant before and haven't so call this 'D'

Multiply this by the equation 'This is free advice and you should take it as granted', represented as I.

A bit of shaking of the head at your posts represented as 'O'

and then finally subtract this by the direction of the wind found by sticking my finger up my ass and then holding it aloft because I have nothing better to do... 'T'

Putting this in to one equation I get..

I+D+I*O-T = £452.32

Easy... Anything else I can help you with?

I do have an accountant, and only come here to ask questions. I dont think there is any need to be rude or anything. Afterall you didnt have to reply and could have shut the t7ap off.

[centurian]

Easy... Anything else I can help you with?

I have to agree with platforminc - your advice isn't very helpful... .... you have used 'I' twice with two different definitions - how can he follow your workings based upon that.

[northernladuk]

I have to agree with platforminc - your advice isn't very helpful... .... you have used 'I' twice with two different definitions - how can he follow your workings based upon that.

A good point well made sir. I should have put IANAA as a caveat. Proves you should get professional advice and not trust randoms on a public forum.

I shall go and take my ass that you have just handed to me on a plate and rework my calculations.