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.
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%
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!
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.