Hi - I have a question around calculating my total income to see if you fall above/below the £100k tax barrier.
If you income is say £50k and you receive say £45k in dividends then your total income is £95k.
Added to that is the 11% tax credits for the dividends which is £4955 taking the amount up to £99 955. Just below the £100k.
Now, if you also took into account rental income, I presume that just gets added to that total amount, meaning you would go over £100k....is that still the case if the property has actually made a loss this year, due to agency fee's, repairs etc.
I realise if the property makes a loss I won't pay tax on it, but does it get added to the total income amount, therefore pushing the amount over £100k and eating into the personal allowance?
Hope that makes sense...it does in my head!
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