smccart88

I had expected the 20% but the bill is obviously much higher than that, can you offer any reasons as to why? Also I dont understand why I have now incurred a tax code change if I am already paying tax on the property why would I be liable for even more? I claimed the £1000 trading allowance if that helps Look forward to hearing back, Thanks

Hi, I started renting out my old flat last year and did a self assessment in Oct but due to the date I started renting it out there wasn't much to pay on the self assessment. However this year I have a bill of just under 1k due end Jan after doing my self assessment this year, as well as a tax code adjustment stating I'll have underpaid by £465.00. I made a profit of £3800 (£4800 rent deducted £1000)per year on the property and have a salary of around £34k - does this seem right to everyone? The property is paid off but I have the associated factors/landlord costs and it doesnt seem worth renting it out for so little return