• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

6 April deadline

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #21
    Originally posted by Lance View Post
    it's academic now. but....
    why would taking £125 extra in dividends, on top of the presumaby c. £40k you've already taken, have any impact on the cost of your wife's SA?

    What have you NOT told us?
    She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

    My accountant would charge for preparing that so it wouldn't be worth it.

    Comment


      #22
      Originally posted by concord View Post
      She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

      My accountant would charge for preparing that so it wouldn't be worth it.
      My accountant does my SA.
      I do the wife's.
      It's really simple as I simply lift the dividend number from my SA, reduce it to a 1/4 (she has 20%) and stick that in. It takes 15 minutes hence I won't pay the accountant £100 for the privelige.
      See You Next Tuesday

      Comment


        #23
        Originally posted by concord View Post
        She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

        My accountant would charge for preparing that so it wouldn't be worth it.
        A common misconception. If the extra dividends would not result in a tax liability (e.g. they are within any unused personal allowance or the £2k dividend nil-rate band) and she has no other reason to file a tax return then she would have no obligation to notify HMRC or complete a tax return.

        Comment


          #24
          Originally posted by TheCyclingProgrammer View Post
          A common misconception. If the extra dividends would not result in a tax liability (e.g. they are within any unused personal allowance or the £2k dividend nil-rate band) and she has no other reason to file a tax return then she would have no obligation to notify HMRC or complete a tax return.
          I did think about that but it was late. Even if it wasn't the case, I would have had a long time to figure out how to submit her self assessment.

          Lesson learned.

          Comment


            #25
            Originally posted by PK2 View Post
            Going to follow up with my accountant but really worried I've screwed something up now
            Thanks everyone!

            I got hold of my accountant after 6 April and he reassured me that all the dividends I declare are meant to be interim anyway, as it's a more flexible approach (and that final dividends would not be in respect to 6 Apr anyway, but rather to the company's yearend date).

            That automatically solves my next issue of declaring a dividend twice in a row.

            Comment


              #26
              Originally posted by PK2 View Post
              Thanks everyone!

              I got hold of my accountant after 6 April and he reassured me that all the dividends I declare are meant to be interim anyway, as it's a more flexible approach (and that final dividends would not be in respect to 6 Apr anyway, but rather to the company's yearend date).

              That automatically solves my next issue of declaring a dividend twice in a row.
              So on to the next task of finding a new accountant and bank account......
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #27
                Originally posted by northernladuk View Post
                So on to the next task of finding a new accountant and bank account......
                Hey, I already switched accountants half-a-year ago, and these ones have been recommended to me by a workmate, they're cheaper, and I sometimes see their ads on this forum.

                Cater Allen, yes....although I can live with 1.5-day transfers. Who knows how long I'll stay contracting now days.

                Comment


                  #28
                  Knew it was Cater Allen just by the description of the delay

                  There are real banks with actual faster payments that are instant, that are free you know...

                  With a possible recession coming up I'd hate to be with anyone whose transfers could invoke squeaky bums if it came down to it..;
                  ⭐️ Gold Star Contractor

                  Comment

                  Working...
                  X