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Posted Wed, 14 Dec 2022 11:37:26 GMT by CraigDM
I have a buy to let and fill in a self-assessment every year. This year the amount payable is showing as being much higher than previous years, even though the base figures are the same. Income from rent = £2365 and I claim the £1000 allowance leaving £1365 taxable. I am just in the 40% tax bracket so I would expect the total payable to be 1365*.40 = £546. However my Tax Calculation is showing £795, or 58%. All the boxes are filled in exactly the same as previous years so I can't understand the change.
Posted Thu, 15 Dec 2022 16:37:34 GMT by HMRC Admin 10
Hi
If you have PAYE income, you would need to check if you have entered all the allowances that were included in your tax code.
If you submit the return and contact our Self Assessment department we can advise of the difference in the amount due.
Self Assessment: general enquiries
Thankyou.
Regards.
Posted Thu, 15 Dec 2022 21:02:30 GMT by CraigDM
Many thanks for the prompt reply. I do have a full time PAYE job and the details on my tax return were filled in automatically. These are identical to the figures shown on my P60. I only just enter the 40% tax bracket. I just struggle to see how the self assessment is calculating a tax rate of 58% on my buy to let income. The figures are almost identical to last year, I've even compared both forms to see if I missed anything!
Posted Mon, 09 Jan 2023 11:15:59 GMT by CraigDM
Is there anyway of seeing a more detailed version of the calculation? I just don't understand why I'm being requested to pay a tax rate of 58%
Posted Wed, 11 Jan 2023 14:54:56 GMT by HMRC Admin 32
Hi,

When you get to the calculation, there is an option for view the full calculation. If this does not help then I would advise to contact our helpline 72 hours after submitting.

Thank you.
Posted Wed, 11 Jan 2023 15:28:28 GMT by CraigDM
I did notice that the full calculation does not make an allowance for Working From Home, even though this allowance had been added to my Tax Code for my main employment. I added this to the assessment form and it did reduce my bill slightly.

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