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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7506
Experience:  FCCA FCMA CGMA ACIS
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I've just completed my self assessment and I have made a

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I've just completed my self assessment and I have made a loss of £1,800 for a flat I rent out. I am not receiving any of this money back and I have to make a payment of £42

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

What is this 42 quid payment for? Do you have other income?

Customer: replied 6 days ago.
It says that I owe £42 in the view calculation section at the end but I can't work out how they have arrived at this figure. I am full time employed as well as renting this flat out.

Is there by chance a shortfall in your employment deductions or unpaid tax being recovered from earlier years?

Customer: replied 6 days ago.
Not that I know of, I'm up to date and have had the same employer for years

You have not hone into higher rates of tax

Customer: replied 6 days ago.
Sorry is that a question?

Just a thought!

Customer: replied 6 days ago.
I think I'm pretty close to the higher rates - do you know what wage that bracket starts at?

50K.

Customer: replied 6 days ago.
I'm still under that even the rent from the flat added to my wage

It could well be that the tax tables become skewed that close to the higher rate point which may explain the position..

Customer: replied 6 days ago.
It would only be around 42k - should that affect it?

It might.

Customer: replied 6 days ago.
Is there anything else it could be? I've double checked the form and I think it's all correct.

You could query the computation with HMRC.

Customer: replied 6 days ago.
I've done that thank you

Pleased to have been of assistance.

 

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