I have to fill out a form 11to see if I am due any , Now I worked 7 months in 2009 and claimed JSB for the other 5 months. I know I add what is on my p45 to JSB and add wife's P60.
Now I also went out a house,
My question is say rent is 12K for 2009 and after interest and other expense's come to say 9K are taking into account I am left with 3K.
Now tax is due on this 3K.
Do I add the 3K to the P45,P60 and JSB, or do I put in the 12K and show deductions that way on the form 11.
I keep monies from rent to one account for repairs etc.Is it as simple as working out profit for rent like 3K / 59% = 1770 E and pay the tax 1230 E
,so I want to try keep separate the small profit made from rent of house to that of money I maybe due back due to only working 7 months.
I know it might sound a bit confusing but helpful input is welcome.
EG
P45 30K
P60 20K
JSB 5K
RENT 12K minus 9K expense's
Now I also went out a house,
My question is say rent is 12K for 2009 and after interest and other expense's come to say 9K are taking into account I am left with 3K.
Now tax is due on this 3K.
Do I add the 3K to the P45,P60 and JSB, or do I put in the 12K and show deductions that way on the form 11.
I keep monies from rent to one account for repairs etc.Is it as simple as working out profit for rent like 3K / 59% = 1770 E and pay the tax 1230 E
,so I want to try keep separate the small profit made from rent of house to that of money I maybe due back due to only working 7 months.
I know it might sound a bit confusing but helpful input is welcome.
EG
P45 30K
P60 20K
JSB 5K
RENT 12K minus 9K expense's