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  • RE: Calculation higher than expected

    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.
  • RE: Calculation higher than expected

    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%
  • RE: Calculation higher than expected

    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!
  • Calculation higher than expected

    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.