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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13975
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have a buy to let mortgage of 99,000 pounds i pay 411 pounds

Customer Question

i have a buy to let mortgage of 99,000 pounds i pay 411 pounds per month,and i have a rental income of 625 pounds per month.How much income tax would i have to pay over a period of 5 years.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - I am Sam and one of the UK tax experts here on Just Answer. So 625 less £411 (assuming this is all interest which buy to lets usually are) then you have a net income of £214 per month x 12 x 5 =£12840 so a net income of £2568 per yearIf you are just a basic rate taxpayer then this will result in tax amounting to £2568 due (£513.60 per year) - but if a 40% taxpayer then £5136 (so £1027.20 per year) Let me know if I can assist furtehr with this ThanksSam
Expert:  Sam replied 1 year ago.
Hi
Can I provide any further assistance with this matter?
Thanks
Sam