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Rental IncomeHigher Rate ThresholdMortgage InterestTotal Expenses Tax @ 20%
Tax AllowanceTaxable Profit2016/172017/182018/192019/202020/21Interest Tax Relief (%)Interest Now TaxableAfter Tax Profit% of Interest Now Being TaxedTax Saved from AllowanceTaxable Profit @ 20%Taxable Profit @ 40%Tax Chargeable Tax @ 40%
Total Tax DueProfit Before TaxStandard Rate Income Tax (%)Higher Rate Income Tax (%)Total Taxable ProfitAnnual Rental IncomeAnnual Mortgage InterestInstructionsL Annually: Rent = 50,000; Expenses = 2,000; Mortgage Interest = 20,000 The Higher Rate Tax Threshold is 43,000 so 43,000 of your taxable profit will be taxed at 20% and 5,000 will be taxed at 40%v Tax @ 20% = 43,000 x 20/100 = 8,600; Tax @ 40% = 5,000 x 40/100 = 2,000; Total Tax = 8,600 + 2,000 = 10,600f You still get 20% Tax Relief on your Mortgage Interest, so, Tax Relief = 20,000 x 20/100 = 4,000z Tax you pay = Total Tax - Tax Relief = 10,600 - 4,000 = 6,600 (This does not take into account your tax allowance)w Tax you pay (including your single person's tax allowance) = 6,600 - (11,000 x 20/100) = 6,600 - 2,200 = 4,400` Under the old system (including your 11,000 tax allowance): Tax = 5,600 - 2,200 = 3,400w Under the old system: Tax = (Rent - Expenses - Inteterest ) x 20/100 = 50,000 - 2,000 - 20,000 x 20/100 = 5,600X So, you will pay 6,600 tax OR 4,400 tax if you include your 11,000 tax allowance.l So, even though you are a 20% tax payer, you will have paid 1,000 more in tax under the new tax system.2. TAX ALLOWANCE:3. TAX ON TAXABLE INCOME: 4. MORTGAGE INTEREST TAX RELIEF:~ In 2016/17 taxable income of between 11,000 and 43,000 is taxed at 20% and taxable income above 43,000 is taxed at 40%~ After tax has been calculated you subtract Tax Relief on the mortgage Interest @ 20% to give you the tax you need to pay.w TAX PAYABLE = (Rent - Expenses) x 20% up to 43,000 and x 40% over 43,000 - Tax Relief on 20% of Mortgage Interest TAX PAYABLE (Inc single person's tax allowance) = Tax Payable - 2,200 (this would be a different figure if married allowance).6. EXAMPLE:~ In 2016/17 the first 11,000 of taxable income (Single Person's Tax Allowance) is tax free (0%) and equivalent to 2,200.v The Married Person's Tax Allowance varies depending on circumstance but still is equivalent to 20% of the amount.~ In the old method taxable income was calculated by subtracting the expenses and mortgage interest from the rental income. In the new method taxable income is calculated by subtracting the expenses from the rental income (not now rental income).` Under the new tax system your taxable income = Rent - Expenses = 50,000 - 2,000 = 48,000u Under the old tax system your taxable income = Rent - Expenses - Interest = 50,000 - 2,000 - 20,000 = 28,000T This means that as a 20% tax payer you now have been pushed into the 40% bracketo Under the old system you will have been able to earn 43,000 - 28,000 = 15,000 from other means @ 20% tax} As the new tax system has now pushed you into the 40% tax bracket anything you earn from other means will be taxed at 40%i If you get married person's allowance you substitute the 11,000 for the married person's allowance. Therefore: Taxable Profit = Rent - Expenses = 50,000 - 2,000 = 48,000 (remember you can't subtract mortgage interest now)N!HOW THE NEW TAXATION SYSTEM WORKS%8. PROBLEMS UNDER THE NEW TAX SYSTEM:y Your taxable income is now far higher (Rent - Expenses) rather than (Rent - Expenses - Mortgage Interest) as before.L As a 20% tax payer you could now have been pushed into the 40% bracket.` As a 20% tax payer you could now have to pay 40% tax on anything you earn from other means.p Tax Relief on mortgage interest still applies on as it did before but at 20% and not $0% for 40% tax payers.V The example above illustrates how tax would be calculated in the 2020/21 tax year.p The new way of calculating tax will be phased in over the next 5 years and may not affect you straight away.y So in Year 1 taxation will be how it has previously been and in Year 5 the new tax system will bbe fully implemented.n The effect of the phasing in of the new tax system on tax payable can be seen in the Tax calculator above.?7. PHASING IN OF THE NEW TAXATION SYSTEM OVER THE NEXT 5 YEARS: If your mortgage interest is close to your rental income, you would pay more tax than the profit you make and may be in debt.| YEAR 1 - 2016/17: 0% of the mortgage interest will be taxed and you will receive 0% of the Mortgage Interest Tax Relief.~ YEAR 2 - 2017/18: 25% of the mortgage interest will be taxed and you will receive 25% of the Mortgage Interest Tax Relief.~ YEAR 3 - 2018/19: 50% of the mortgage interest will be taxed and you will receive 50% of the Mortgage Interest Tax Relief.~ YEAR 4 - 2019/20: 75% of the mortgage interest will be taxed and you will receive 75% of the Mortgage Interest Tax Relief. YEAR 5 - 2020/21: 100% of the mortgage interest will be taxed and you will receive 100% of the Mortgage Interest Tax Relief.%After Tax Profit (inc. Tax Allowance)"Total Tax Due (inc. Tax Allowance)$After Tax Profit (ex. Tax Allowance)1. TAXABLE INCOME:5. TAX PAYABLE:%Tax Relief on Mortgage Interest @ 20%!Total Taxable Profit from LettingTotal IncomeOther Revenue (Gross)Other Revenue Taxable @ 20%Other Revenue Taxable @ 40%Tax on Other Revenue @ 20%Tax on Other Revenue @ 40%Total Tax on Other RevenueTax Due from Letting&PROPERTY LETTING INCOME TAX CALCULATORTax Due (inc. Tax Allowance)OLD TAX SYSTEM (Letting Only)NEW TAX SYSTEM (Letting Only)#OLD TAX SYSTEM (inc. Other Revenue)#NEW TAX SYSTEM (inc. Other Revenue)Annual Letting ExpensessThese figures show the Taxable Profit, Tax Due, and After Tax Profit on Letting Income only, for the new tax systemsThese figures show the Taxable Profit, Tax Due, and After Tax Profit on Letting Income only, for the old tax systemoThese figures show the combined Tax Due on Letting Income and Other Revenue (eg salary), for the new tax systemoThese figures show the combined Tax Due on Letting Income and Other Revenue (eg salary), for the old tax system DIFFERENCE BETWEEN OLD & NEW TAXO* These figures will need to be changes if the HMRC change their rates & levels)Tax Difference on Letting & Other RevenueTax Difference on Letting&After Tax Profit Difference on LettingxThese figures show the differences between the old and new taxation system in terms of Tax Due and After Tax Profit madeLETTING INCOME ONLY*LETTING INCOME & OTHER REVENUE (eg salary)Total Taxable Income$Other Revenue (Gross) [Optional]%Tax Allowance [Change if Needed]SUMMARY OF YOUR TAX ACCOUNTSpThe new tax system starts to take effect in 1917/18 and progresses in increments until fully in place in 2020/21TTO SEE A MORE DETAILED BREAKDOWN OF THESE FIGURES AND A GUIDE TO THE NEW TAX SYSTEM
CLICK HEREHOr, click on the 'Calculations & Tax Guide' tab at the foot of this pageRETURN TO TAX SUMMARY?Or, click on the 'Input & Summary' tab at the foot of this page1. Enter Annual Rental Income.!2. Enter Annual Letting Expenses."3. Enter Annual Mortgage Interest.-* A full breakdown is shown on the next page.-* New tax system guide is shown on next page.&5. Change the Tax Allowance if needed.#4. Enter Other Revenue (eg salary).# The Calculator Shows the Following:
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M* Place the cursor over the red tags to see how the calculation is being made((a) Old and new ways of calculating tax.3(b) How your tax will change over the next 5 years./(c) Amount of tax payable on mortgage interest.+(e) Amount of Letting tax due @ 20% and 40%)(f) Tax Relief on Mortgage Interest @ 20%3(d) Amount of Letting tax due (inc. Tax Allowance).2(d) Amount of Letting tax due (ex. Ta<x Allowance).2(g) After Tax Letting Profit (inc. Tax Allowance).1(h) After Tax Letting Profit (Ex. Tax Allowance).3(I) Tax Due combining Letting Inc. & Other Revenue.0(j) Tax Difference between old & new tax system.2(j) Pofit Difference between old & new tax system.+* A summary of your tax figgures are shown.X* This model does not work for the 45% 'Additional' tax rate for income of over 150,000 2016 - CRM $a* This model does not work for Income over 100,000 due to changes in Tax Allowance at that point 2016$%The Portsmouth and District Landlords Association together with all contributors to this calculator and guide cannot be held liable for any outcome related to using the calculator or the advce contained in the guide. If in doubt, the user should seek professional accountancy and HMRC advice.
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