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Thank you for your reply...Please advise how I can help you further. You asked these questions-"I really just want to know what my position is with the UK tax authorities. Will I have to pay tax on the rental income I have had since 2011, or just since I returned to the UK? Will I have to pay any income tax for the current tax year, since with my salary I do not think I will exceed the personal allowance? Really I know nothing about these things and would be so grateful for any advice."I have given you comprehensive answers to both your questions... rental income is chargeable to UK tax but you would be able to cover that by your personal allowance for those years.I have also alerted you of fixed penalty for late filing of tax returns.You have stated you know nothing about these things and would be grateful for any advice ... I have given you sound advice.You are kindly requested to reconsider your rating. You may not wish to pay for the answer but your current rating is inappropriate and unjust.Many thanks
Sorry I misunderstood the rating system. I had meant to say that the reply you gave me was excellent. My mistake. I have not been able to find a way to change it. Help?!
Thanks for being so understanding about my general thickness. Your answers are entirely what I was looking for and I am grateful. One last thing. When I file the tax return for this year, and declare the rental income, that covers me up to the period April 2014? Presumably I will have to file a separate return for every year I hold the property...is there a deadline for that every year (since you mentioned late penalties for the years 2011-2012, 2012-13)? But I will be taxed on my earnings now until April 2015 at full rate? Do I have to declare those as well? Sorry for all the questions. Can I claim back what I am overtaxed through until April 2015 (because by my reckoning I will only just go over the 10k allowance). How should I do this? OK no more questions after these! Thanks again.
Thank you. So am I able to reclaim the extra I will have to pay before April 2015. By my reckoning I will be charged about 3k on PAYE (is that it?) but be liable for less since I have only about 15k earnings in the year. How and when can I claim that (if I can?)?
Simon,thank you for your reply.Based on information provided, the first £10,000 of your total income will be tax free and the rest would be taxed at basic rate of 20%. If your earning and rental income are say £20,000 then your tax should be (20,000-10,000) 10,000 x 20% = £2,000.You would be have a repayment of £1,000 in our example.
You would reclaim this when you file your tax return 2015... deadline
31 Oct 2015 for paper return and
31 Jan 2016 for online filing.
I hope this is helpful.
Thanks. But I will be overtaxed in the short-term (as a result of PAYE). How can I reclaim, and when?