If you have two income, one self assessment where do you they take the the tax from?

[Morethanthisprovincallife]

Two incomes, where does tax get taken from ie one job normal work salary the other rental income from tax self assessment form?
Thanks

both. It all goes onto the form and you calculate the tax owing. rental income is taxed.

After the first time you've done your self-assessment tax return, you can choose if you wish to pay it through your tax code (i.e. through PAYE from your salary) or if you wish to pay the extra separately.

I know tax charged from both so would the salary just tax the salary and the income get taxed at different point of the year or...

Is it all under one umbrella so for instance salary has both incomes taken off?

Do I need to keep back rental income for tax?

Viccat.

That's what I meant thanks.

So the salary income would take the hit so to speak and rental just go in. And still have to do self return but put on it that tax already taken...

I wonder if there is any advantage to doing it together or separately..

I prefer to pay the tax from my self-employed work and rental income as a lump sum - it just works better for me to still get paid a bit more from my employed job per month vs. having extra tax deducted from it monthly.

Remember you only pay tax on profit so any costs are taken off first before tax (fees to lettings agents, your costs for doing any maintenance work to the property etc.)

Think carefully about the PAYE option. If your tenants stop paying, or you have a void it is VERY diffcult to get HMRC to stop taking what they think they are owed from your salary. So you can end up paying tax on money you are not receiving. You get it back eventually, but it can add to the stress of the rent drying up.

Yes that's v true good idea.

I think maybe better to keep Separate then.

Do I have to tell hr about extra income then or just let them do it on salary and then rental income on self assessment?

I wonder can anyone tell me how much to keep back from rental income then to cover it?

Rental income by itself is 8 grand.