Deebs

One final question here, does the tax bill for the FHL get paid directly to HMRC, without affecting the tax code my employer uses for my full time job? Thanks again.

I assume any payments I make to a private pension from FHL income are declared in the 'tax reliefs' section on SA100. Do I need to declare the payments anywhere else? And could you please confirm if my understanding of how tax relief is received, is correct: I pay 20% & 40% tax where it applies to my FHL income My pension provider claims 20% on any contributions (I have confirmed this with them) Any additional tax relief due from pension payments is calculated by HMRC from declarations on my SA forms. Note: I have a PAYE employment income of around £40,000, combined with the FHL income I will earn above £50,271. My work place pension is net pay and minimum contributions.

Thank you for your reply, it's very helpful. Can I use March 31st as my accounting year end?

Since May 2023, my flat has been available for short term let through an agent and meets FHL criteria. I’m calculating the numbers for this tax year so far but am unsure of the following. 1 - My flat is leasehold and I pay a building management/service charge. Is this an allowable expense? 2 - Bookings for March 2024 will be paid to me after April 5th. Will that payment count towards the current tax year or the next tax year? 3 - Same as above with insurance. I paid for liability insurance in March 2023, before the tax year my FHL started in, can that expense still be claimed? 4 - Again for utility bills, do they apply to the tax year the usage occurred or the tax year the payment was made? Thanks.