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Original poster

Tax experts, Y does my other income say 4800 when it's 8 grand please.

28 replies

SweetSummerSweetPea · 12/04/2023 09:56

We do tax return, dh does it and he's just got me on the app so I can see it myself is there any reason it says 4800 not 8 grand? I'm sure he does it all properly and he's scrupulously honest!

Last years I had about 3 grand of stuff to take off bill ( this perdiod covers about 4 years thanks)

OP posts:
yellowmoon487 · 12/04/2023 10:03

If your DH has done it, just ask him?

Seeline · 12/04/2023 10:05

What other income is it?

Original poster
SweetSummerSweetPea · 12/04/2023 10:10

Rental.

I did he doesn't know. He puts he figures in and that is what happens obviously as we are diyers with it I just wanted to throw it open here.

OP posts:

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General money
EmmaStone · 12/04/2023 10:13

Sorry, but there just isn't enough information here. Is the £8k joint income, so he's split it proportionally to your partnership holdings? Has he deducted costs from £8k income leaving £4.8k taxable profit? Where are his workings? He would be best placed to answer your questions, I'd have thought?

PickledPurplePickle · 12/04/2023 10:14

Nobody can answer this

You need to review the entries and look at the calculation

£3k of expenses on a rental property sounds high

Kazzyhoward · 12/04/2023 10:19

SweetSummerSweetPea · 12/04/2023 10:10

Rental.

I did he doesn't know. He puts he figures in and that is what happens obviously as we are diyers with it I just wanted to throw it open here.

He knows what figures he put in and where those figures came from. You need to ask him and insist he shows you his workings/calculations, etc.

No one else can tell you. HMRC just work with the figures your OH input onto their system.

OnMyWayToSenility · 12/04/2023 10:20

It's probably due to
Expenses
Marriage allowance
Interest on mortgage
And many other factors!

Just download your return and have a look

OnMyWayToSenility · 12/04/2023 10:21

Forgot to mention

Fees
Insurance

OnMyWayToSenility · 12/04/2023 10:22

Also the app doesn't usually show the correct figures for some unknown reason

Original poster
SweetSummerSweetPea · 12/04/2023 10:22

@PickledPurplePickle that was a one off one year.

I was hoping someone would say, yes because blah is what you can earn so x is already taken off etc.

OP posts:
Original poster
SweetSummerSweetPea · 12/04/2023 10:23

No mortgage no fees.

(if I h) ad an agent would I be able to deduct the fees

OP posts:
Original poster
SweetSummerSweetPea · 12/04/2023 10:24

@EmmaStone...

No joint stuff it's mine. My salary is low from my job, just scrapes above the 12500 limit to pay tax?

OP posts:
Kazzyhoward · 12/04/2023 10:24

SweetSummerSweetPea · 12/04/2023 10:23

No mortgage no fees.

(if I h) ad an agent would I be able to deduct the fees

Yes, agent fees are an allowable expense which would reduce the taxable profit.

Original poster
SweetSummerSweetPea · 12/04/2023 10:27

I don't have an agent.

OP posts:
wincywincyspider · 12/04/2023 10:30

Nobody here can tell you the answer to this. If this is your tax return and you've no idea how the figures are coming together you need to take control and file it yourself. These are your tax affairs and even an accountant (like me) files it for you the overall responsibility lies with you. Please look at taking over and having proper oversight with what you're filing to HMRC.

Original poster
SweetSummerSweetPea · 12/04/2023 10:33

Ok so what I can glean from these replies then is that it' doesn't seem correct?

OP posts:
Comefromaway · 12/04/2023 10:33

You need to ask for a breakdown of how he calculated the figures. You are liable and if they are wrong you could be in trouble.

yellowmoon487 · 12/04/2023 10:34

wincywincyspider · 12/04/2023 10:30

Nobody here can tell you the answer to this. If this is your tax return and you've no idea how the figures are coming together you need to take control and file it yourself. These are your tax affairs and even an accountant (like me) files it for you the overall responsibility lies with you. Please look at taking over and having proper oversight with what you're filing to HMRC.

This.

Sorry OP, not to be pedantic but he needs to have a rationale or it's an error. There's no 'I don't know'. Is this what he would tell HMRC if they query it?

wincywincyspider · 12/04/2023 10:41

SweetSummerSweetPea · 12/04/2023 10:33

Ok so what I can glean from these replies then is that it' doesn't seem correct?

No, what people are saying is there's no way to know via mumsnet whether it's correct or not. Potentially you have prior year losses brought forward against this year. Potentially the figures are totally incorrect. Potentially they're absolutely fine and you just don't understand how they're calculated.

If you have a simple tax return you can probably find a local accountant who will file this for you for £150-400 (+VAT usually) per year. They'll also provide you with your tax computation and an explanation of what you owe and why you owe it. Lots of people successfully file their own (many don't know and they don't realise there are savings they're missing), and although I'm accountant I don't work in tax anymore so I'm unbiased but sometimes having one is worth the spend, for peace of mind.

Original poster
SweetSummerSweetPea · 12/04/2023 10:43

@wincywincyspider.. Thank you for that.

I guess because it seams straight forward, there is no mortgage and usually not enough to claim any allowances it seems over kill to have an accountant. But... Yes it maybe worth looking into it.

OP posts:
wincywincyspider · 12/04/2023 10:50

SweetSummerSweetPea · 12/04/2023 10:43

@wincywincyspider.. Thank you for that.

I guess because it seams straight forward, there is no mortgage and usually not enough to claim any allowances it seems over kill to have an accountant. But... Yes it maybe worth looking into it.

It may seem overkill but you don't seem to know what's been entered (and why) on your own tax return so may be worth investing in an accountant, even if just for this year. Gives you peace of mind with where the figures come from and hopefully some reassurance that things have been done correctly.

TimeForMeToF1y · 12/04/2023 11:02

SweetSummerSweetPea · 12/04/2023 10:33

Ok so what I can glean from these replies then is that it' doesn't seem correct?

That's not what posters are saying, it's quite clear that no one can answer your question for you. Read the replies carefully and take the advice on board

If you are going to contact HMRC you might want to have someone review what you're going to say, youre not really explaining things coherently

hellsbells99 · 12/04/2023 13:51

I know you can deduct an allowance of £1000 from rental income for general expenses. Otherwise have you made some repairs for that year - e.g. new boiler? Carpets? Etc

Original poster
SweetSummerSweetPea · 12/04/2023 19:56

@hellsbells99

One year yes I had a huge expense but not the other years. The total is 8 grand beofe tax.

What's the worse that will happen tome?

If I under paid ( which I find hard to imagine because it's a lot of money each year... Would they give me a chance to repay?

OP posts:
AlisonDonut · 12/04/2023 19:59

Is it worth actually learning something about tax and looking at the figures yourself?