80% tax for property income on self assessment tax return
Posted: Sat Jan 12, 2019 12:13 am
I think I have something fundamentally wrong on my self assessment tax return and am hoping i can get some guidance.
I have a job that has paid me around 150k this year. I also have a small property that i rent out that earnt me 12k with around 2k deductibles.
When i fill in my self assessment tax return I'm pretty sure my employer has dealt with all tax owed on the £150k (hopefully I'm not wrong here)
Assuming I am right, when I fill my self assessment tax return in, it tells me i have 10k of taxable income on the property (seems correct) l...and that I owe 8k in taxes, which represents an 80% tax rate!
Am i doing something wrong? What am I missing?
I'm on the verge of paying for an accountant to help me as I don't trust myself to do this properly.
Any advice would be greatly appreciated.
Thanks
I have a job that has paid me around 150k this year. I also have a small property that i rent out that earnt me 12k with around 2k deductibles.
When i fill in my self assessment tax return I'm pretty sure my employer has dealt with all tax owed on the £150k (hopefully I'm not wrong here)
Assuming I am right, when I fill my self assessment tax return in, it tells me i have 10k of taxable income on the property (seems correct) l...and that I owe 8k in taxes, which represents an 80% tax rate!
Am i doing something wrong? What am I missing?
I'm on the verge of paying for an accountant to help me as I don't trust myself to do this properly.
Any advice would be greatly appreciated.
Thanks