Self Assessment required for my wife?
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  1. #31

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    Wow. Long thread for what appears to be one of HMRC's more simpler rules.
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  2. #32

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    Is it so hard to a little bit of research?
    Actually, not all information on the HMRC site is legally correct.
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  3. #33

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    Quote Originally Posted by xoggoth View Post
    Actually, not all information on the HMRC site is legally correct.
    Maybe so but you won't find this out by not reading it at all.
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  4. #34

    Should post faster


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    Coincidentally, I just logged in to post this same thread. I searched for "self assessment" and "assessment" in the forums and there were no matches for some reason. I've never seen anyone mention it before here. Basically the rule is if your wife makes > 10K from investments (so from dividends) then she has to do a return. In the lower bracket you don't pay any tax since the tax in the lower band equals the tax credit from the dividends. In the higher brackets you have to pay tax (all on the HMRC website).

    I thought it made the return kind of pointless if your wife is in the lower bracket, and I don't know how they would ever realise she wasn't paying tax on the dividends, but they must have ways and means! I've been nagging my wife to do it for about a week, and she has finally printed the form today, so we will fill it out tonight.

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    Quote Originally Posted by Rabotnik View Post
    Coincidentally, I just logged in to post this same thread. I searched for "self assessment" and "assessment" in the forums and there were no matches for some reason.
    Are you using the method as show here? The site one is pap.

    http://forums.contractoruk.com/welco...uk-forums.html
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    Should post faster


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    Quote Originally Posted by northernladuk View Post
    Are you using the method as show here? The site one is pap.

    http://forums.contractoruk.com/welco...uk-forums.html
    Oh cheers, didn't know you could search sub forums like that. I was using the standard search.

  7. #37

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    I guess this is what the tag cloud was supposed to be used for...

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    Quote Originally Posted by mudskipper View Post
    I guess this is what the tag cloud was supposed to be used for...
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  9. #39

    Still gathering requirements...


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    Hi - just reading this thread. I've also just found out that my wife needed to complete a SA.

    Before you all kill me saying I should have known, it was only yesterday that my accountant told me she would need to complete one and I have, until now, followed everything my accountant has said and haven't been made aware of the need for my wife to complete a SA.

    So - feeling pretty sick right now - as we will need to complete SA for my wife for the past 3 years where the dividend would have taken her over the threshold.

    Will be contacting HMRC soon as.. Expecting a hefty bill. Already looking at options.. selling house etc..

    Great that my account tells me only now.. and a few days before Christmas.

    Sure - you're all going to tell me I've been stupid but honestly didn't know any different.

    I expect there;s going to be fines as well...

  10. #40

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    Default SA for Shareholder Spouse

    Surely if your wife is a shareholder in your limited company you have to account for the dividend taken out of the company and explain what has happened to her share. If she is a 50% shareholder then the dividend must go 50% to her and that gives her income which normally needs to be declared somehwere.

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