Originally posted by jumbojake
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If you are an employee or a pensioner and already pay tax through a PAYE code, you can sometimes ask for tax that you owe on income, such as savings and property, to be collected through your code number. You'll need to complete a tax return instead if the income you receive is:
•£10,000 or more from taxed savings and investments
•£2,500 or more from untaxed savings and investments
•£10,000 or more from property (before deducting allowable expenses)
•£2,500 or more from property (after deducting allowable expenses)
If you don't pay tax through a PAYE code you’ll need to complete a tax return if all of the following apply:
•you have income to declare, for example income from savings, trusts or abroad, rental income from land or property
•your total income exceeds your total allowances and reliefs
•you have tax to pay on this income
Your wife has dividend income which is investment income of £15k which is more than the £10K limit as mentioned above so she will need to file a self assessment.
I would reccommend registering online with HMRC if you are going to file the self assessment yourself.
Although as an accountant i think the HMRC online system is not very easy to understand for non accountants and could lead you to making some mistakes.
Most accountants don't like the HMRC online system either!!
You can always speak to an accountant and see if they can file this for you if you don't have an accountant already?
Remember the deadline for 2011-2012 is 31 Jan 2013.
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