Hi all,
I will be filling in my first tax return soon for 2 rental properties i bought last year, i have filled in the details online but i feel i have done them incorrectly as the tax calculation at the end is way above what i thought it would be. If anyone has a few minutes could they tell me if this is correct, obviously i only need to know a approx ball park figure.
I earnt £40,000 in the year from my job. (of which tax is taken off by my company when i get my pay slips)
I also had £7,000 of rental income of which £4,125 is taxable income according to the estate agent statements (there were a lot of repairs needed).
My workings out told me the tax to pay would be no more than £1000 as i am still within the 20% threshold, however the calculation on the government tax website stated it was over £2500 which suggests i entered it incorrectly, if anyone could clear this up it would be greatly appreciated and i can then get a accountant to sort it for me.
Regards
Andy
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