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  • Tax

    How will S24 tax be calculated and collected?

    If my income increases and I have to pay more tax this is collected in the following January together with an extra 50% in respect of the then current tax year followed by a further 50% in the July.

    If it is deemed that my income increased so that I have to pay, say, £10k in S24 tax for the year 2017 – 2018  the revenue will expect payment of £10k in January 2019 plus 50% of the following year’s extra tax – or will they?    They will know that the following year the S24 tax will double, so will they ask me for an additional £5k or £10k in January 2019 with a further £5k or £10k in the July?

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    What a great question ??

    following

    kim

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    The first Scenario is the correct one.

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    Your first one is the way HMRC work you pay 50% in advance with the currant years Income Tax


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    Learn Change and Adapt ?????


    On that calculation the extra tax due in January 2019 for S24 will be double what most landlords are probably expecting.


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    I think mine is treble to what I pay now

    even after I have sold property into my Company

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    Learn Change and Adapt ?????

    Imho the future might be very different and more hardvwork.

    Google

     real time taxation/ making tax digital.

    Self employed Quarterly payments or monthly (like PAYE) is a possibility if government IT systems are ready.


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