Legal changes

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I have been looking at the RLA tax calculator for the new rules in the budget.

I assumed that I only make around 25k per year profit, it would not affect me as my profit to start of with is paid at basic rate.

The calculator suggest that I now add my 50k mortgage payment to this and am tax on that, taking my bill from 3k to over 11k. Surely this is wrong? If my true profit is 25k and my tax is 11k then I might as well pack in an try something else.

I thought the only change was higher rate tax payers would only get relief at basic rate, not as suggested my mortgage added to my profit makes me a higher rate payer.

Can anybody advise please.
21/08/2015 14:25

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