Hi,
I am trying to check if the following tax looks alright to submit to HMRC when it comes to it. I know I should always consult with a tax advisor or accountant, but before I do that, would love to have some knowledgeable eyes to look over it.
Annual Gross Profit: £18,000
Expenses: £2864.12
Allowance(Mortgage Relief): £1,135.09
Tax: £1,892.09 ((Gross-Expenses)*20%) - Allowance
Net Profit: £13,243.79
Does the total tax look alright to you?
Thank you!
you are putting your accounts on the net for the world to see ?
You don’t know if the figures are made up here right?
If you use the HMRC online self assessment process, it will calculate everything for you. You can do this without submitting the return if you just want to check the figures.
Check the relief on mortgage interest.
The rules have changed
No mortgage relief anymore. Not for yonks
You get 20% effective relief as an add-back toward the end of the return.
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