Need some Self Assessment help wrt dividends Need some Self Assessment help wrt dividends
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  1. #1

    Luddite

    Guest

    Default Need some Self Assessment help wrt dividends

    I took out the final £6027 from my company in the last tax year before winding everything up.

    In my Self Assessment I put this in box 10.15 (dividends and other qualifying distributions from UK companies). However Hector's wrote back to me saying he's moved it to box 1.8 (payments from P60/P45).

    The change means an income tax bill of £342.32.

    Who's right?

    I should add that all my company money was taken out as PAYE apart from this money left in the company in before closing down. I issued myself a P45 in Dec 2001, well before the last tax year.

  2. #2

    Bradley

    Guest

    Default Re:Final Payment

    If you are outside IR35 - it should be a dividend unless you applied for clearance to have it treated as a capital distribution in which case its potentially a capital gain.

    If you're not outside IR35 it may be that the Revenue are treating it as a salary payment.

  3. #3

    Luddite

    Guest

    Default Re:Final Payment

    Okay, thanks for that. I couldn't get an IR35-friendly contract so I'll have to pay it hopefully through PAYE.

    (IR36 will probably be backdated 6 years anyway...)

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