£1172 tax on 8,000 income does this sound correct?

[Pandemicpanic]

I have income from the rent of 8,000 per annum and I earn about 930 a month from work...After everything is taken out.

I set the work and rent to be paid separately... Does this sound correct?..

He's just said it's 1787 or there abouts to pay. He got initial fig wrong.

Of your rental income, is the amount you've stated after all deductible costs for management fees, maintenance and bills is applicable? This might be where your husband is getting the lower figure from.

Do you have any interest or investment income on top?

Hasnt the tax changed on money rang from a rented out property?

Ask your DH what the £2,129 in allowances he expected were.

He said they want this year's now, half of this years and the rest by July.
Then in Jan 2022 I will pay about 600 ish then by July 2022 another 600 ish.

Because its gone over 1000 you have to pay last years plus half on accoubt for this year. That is why it is more.

OP you need to post all details for people to be able to help, not all this info drip feeding in.

Basically whatever your income from rent is after deductions, you pay 20%tax on that amount. Then payment on account is presumed to be same next year, so you have to pay 50% now on accouny that will leave 50% to be paid.

I've always kept my rent income seperate and do tax returns each year for that income. Mine is a similar amount for same rental income.

He said they want this year's now, half of this years and the rest by July.
Then in Jan 2022 I will pay about 600 ish then by July 2022 another 600 ish

Yes, but if you expect next year's income to drop significantly due to covid or whatever you dont actually have to pay in advance for next year. They give you the option if you expect the next years income t be significantly less. If you dont expect it to drop then yeah you have to pay it

That's call Payment on Account.

@Honeybobbin

I don't understand this at all.

What don’t you understand. Posters are merely going through a relatively simple tax calculation and telling the OP that the amount look about right.

I'm so grateful for this help so 1000 is the magic trigger no then

My wage was less and I gave tenant some money rent free months to help with covid but I'm not sure if that brings me below 1000.

It was just a shock when I have been saving each month so I don't have a shocking bill to pay and suddenly I'm paying not only 500 more but now even more than that!!

I thought I had everything covered and accounted for so no huge bill 😂😂😂😂

*for the following year that should say (last year wage less and rent free months)

Do you have to pay on account? Clearly the amount you set aside each month was an underestimate, not sure why as a rough calculation would have been 20% of rent received each month.

Dh said that first year I earned a lot less as it was 1st year I started work.

If it's self assessment that's due end of January then that's for year to March 20. So surely there's only 1 rent free month max for Covid? Not several?

If you want help you're really going to need to be clearer in your posts. You see to be assuming we know all your details, rather than random numbers from your DH post your actual figures with the years to which they relate

Pleasant, I'm extremely grateful for the help I've already received and to everyone who has posted.
I wanted to make sure dh hadn't made some wild error before I paid.

I've been assured its correct.
Dh is correct.

I've paid the bastard!

Your gross salary from your work. Plus your rental income (minus expenses) If that adds up to more than your personal allowance which is around 12k you will pay tax on anything over 12k. It's fairly straightforward.

Glad you got it sorted.

Good that you've done it, next year maybe just type the numbers into the tax return online form and it will calculate it for you and you know it's been done right.

If it helps the rules around what could be deducted in terms of mortgage interest have been changing over the last few years, so your tax liability could have gone up as a result of that- even if you earned less in your job.