Hi,
I have a rental property for which I submit SA every year. For the tax I owe for 12-13, I got a letter from the tax office that they would take it from my PAYE and my tax free amount has been reduced. Why does the tax free amount reduce? I can't understand. Could someone please explain.
They have also reduced my tax free amount by another amount and the notes section explains this as 'We have used £2757 of your tax-free amount against the property income we think you will receive this year.'
Could someone please explain with examples.
Thanks a lot.
I have a rental property for which I submit SA every year. For the tax I owe for 12-13, I got a letter from the tax office that they would take it from my PAYE and my tax free amount has been reduced. Why does the tax free amount reduce? I can't understand. Could someone please explain.
They have also reduced my tax free amount by another amount and the notes section explains this as 'We have used £2757 of your tax-free amount against the property income we think you will receive this year.'
Could someone please explain with examples.
Thanks a lot.