Declaring PAYE income on tax self assesment

[suzanne2]

Hello there, does anyone know if, when you are filling out the self assesment tax return as someone who rents out one property, you have to declare your normal 'day job' income on the tax return? I don't quite inderstand as the tax has already been paid on it, why they would want it on this form, but I dont want to make a mistake. There does seem to be a section for it, though.

Many thanks.

[Richlist]

Assuming you are employed and pay tax under PAYE your employer should deduct taxes due.

Tax self assessment has many different forms which may need to be filled in.....one of them is ' Income from Land & Property'.

If you let property you are required to inform HMRC that you let property & you should ask them to send you the above forms.

You should complete a normal self assessment form AND a land & property form AND any other forms that are applicable to your particular circumstances.

You will need to include your income from ALL sources.....day job, night job, 2nd job, income from savings & investments, rental income, bankers bonus etc etc. Individually they may attract tax at 20%.....added together they may attract tax at 40% or 45%

If you find it to much you can always employ an accountant.

Hope that helps.....

[Chestnut]

As per Richlist above, the same applies when using Short Tax Return form, as I do. Provide HMRC with all data requested on time and let them do the sums. If their resulting Tax Statement telling you what you may owe (or indeed have reimbursed) does not seem clear they will respond to subsequent questions.

As a small landlord I have managed this quite easily for many years without resorting to expense of an accountant.

[suzanne2]

Many thanks for your replies, and a happy New Year.