Anna Evans

I recently received a tax statement with advice on payments due for the 24/25 tax year, with the first due 31st Jan 2025. They do not seem to take into accounts extra payments I have already made this year through my amended tax code. Will these 'due' figures on the tax statement be reduced accordingly?

I have figured this out. I have foreign rental income as well as UK rental income. The profit on my foreign rental income is lower than the finance costs, whereas the profit on my UK rental income is higher than my finance costs. So the tax relief is on my foreign profit plus my UK finance costs.

So I am confused then. My finance costs for 23/24 tax year are £13261 but relief has been restricted to 20% x £7454 with the comment: 'relief for finance costs £13261 reduced to maximum allowable.' My profit is £10763. Where has the £7454 figure come from?

What is the maximum allowable relief for finance costs relating to rented property?

I complete a self assessment as I have income from rented property, but I now need to add income from fostering. In the tax year 2023/24 I earnt a lot less than £1000. Do I still need to add it to my self assessment form?