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TAX form P810 - heard of it ?


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Hi there,

I have searched high and low for an answer to this with no luck, I'm hoping you can help.

On the the government website here http://www.direct.gov.uk/en/MoneyTaxAndBen...ome/DG_10013435 it says;

"If you're employed, or getting a pension through PAYE, and your taxable income from property letting is less than £2,500, your Pay As You Earn (PAYE) tax code can be adjusted to collect the tax on your property income each year. Just ask your Tax Office to send you form P810 to report your income each year. Contact details for your Tax Office are on your payslips or you can find them online."

Despite badgering my tax office will not send me this form, the first person I spoke to had not heard of the form and said I would have to do a full return.

I am eligable ? , my circumstances are that the monthly rental income is £425, but after taking off "allowable expenses" the income per year is far less than £2,500.

I guess I'm asking what it means by "taxable income"

has anyone else used this form ???

many thanks !!

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Hi Waterpolo

Not one I come across that often as clients just usually pay by self-assessment, but basically it is a way of amending your PAYE tax code to collect the tax due on your rental income throught your cosing notice (via your salary). I cannot locate it on download so must only be manual. The form is issued by the tax office in April, I am not entirely sure that you can request it as such, but I cannot be sure

see: http://www.hmrc.gov.uk/sa/guidelines-sa-returns.htm for more info.

Yes - they refer to profits not turnover.

You can amend your PAYE code to add property profits by just telephoning HM Revenue and Customs and asking them to put it in your code - this will have the same effect as form P810. You must also tell them about any other income you have - dividends, interest etc - as this will also need to be taken into account.

However, by doing this you are paying the tax before you really need to and they will usually estimate your profits for the year ahead as you will not know what they are until the end of the tax year.

Assume that anticipated profits are £2000 for the tax year ended 5 April 2008. This in reality is collected from April 2007 salary for 12 months (or less than 12 months, if not included until later in the year), meaning you should have paid your liability (on your estimated profits) by March 2008. Instead, if you pay by self assessment, you will not have to pay the liability until January 2009!! Why not just complete a tax return, and keep the money in your bank, earning interest for you, and just pay it by self assessment?


Sherena Glanton CTA

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