tax return and unearned income

[mandimoo]

when will i have to fill out a tax return for unearned income from aug08 to end of tax year 09? and is there an online calculator so i can estimate what I might have to pay?

[buildersmate]

Simple rule is this.
If its unearned income from UK dividends or bank interest, you only pay interest on it if you are a higher rate taxpayer (because basic rate interest is already deducted). So you've have another 20% -ish of the sum given to you to pay.
Most other unearned income has had no tax paid already, so its 20% of it (if basic rate taxpayer) and 40% (if you are higher rate taxpayer).

[mandimoo]

hi BM, its from renting out a property. theyve told me they will send me a tax return, but im curious, because they were advertising all over the tv recently that tax returns had to be in and paid by end jan... and im wondering what period that covers?

[Skyline D]

Tax returns due in january 2009 were for the tax year ended 5th April 2008.

Your income from August 08 onwards will fall into the tax year ended 5th April 2009. The tax return can be completed and submitted any time from when they actually issue it in April 09 to January 2010 if it's being completed online. The deadline for a paper return is September 2009.

What you have to pay will depend on your tax rate which depends on what other income you have. It'll be either 20% or 40% (or part at each if your income is close to the margin) of the net profit.