Self Assessment on other income (Property)

[ASB]

You said 72,000 dividends. This is 80,000 gross. So you have income of 90,000. This is 47,125 into the 40% band.

This will need a top up of 22.5% (not 25 because here we are already including the tax credit). = £10,603.

It's really easy to bung the numbers into a tax return on your on line account with HMRC. This will give you a nice neat calculation and breakdown. You don't have to file the return, just come back to it whenever you want.

[ASB]

These questions are bordering on scary!

You must spread some Reputation around before giving it to northernladuk again.

[Clare@InTouch]

You must spread some Reputation around before giving it to northernladuk again.

I get that a lot!

[ASB]

If you have salary, property income and dividends then you have no choice about how it's taxed. Your tax code is used against the salary and property income, then dividends are taxed last.

It does result in slightly more tax being paid (because the dividend top up is at 22.5% not 25%)

In this case taxing the dividends last gives 10,603 payable, plus the 505 on salary = 11108.

If the rental were taxed last we'd have

45125 (2,000 less) * .225 = 10153 + 2000 * .4 + 105 (the 400 standard) rate on 200 is saved) = 11058

But, of course there isn't a choice in the matter anyway.

[ASB]

I get that a lot!

I think he's ill. No:

"here is the same question asked 14,523,647 times before"
"can't you find the search button"
"are you sure you are cut out to be contractor"

[northernladuk]

I think he's ill. No:

"here is the same question asked 14,523,647 times before"
"can't you find the search button"
"are you sure you are cut out to be contractor"

LOL... Believe me no one has ever asked 'for the self assessment process is it from January to December,' before! I would wager he won't find that in ANY search.

[ASB]

LOL... Believe me no one has ever asked 'for the self assessment process is it from January to December,' before! I would wager he won't find that in ANY search.

I bet you checked though....

[Kanye]

These questions are bordering on scary!

Why do you keep interjecting in a useful educational thread when you are adding no value. If you aren't interested, fook off and leave it alone!

[northernladuk]

Why do you keep interjecting in a useful educational thread when you are adding no value. If you aren't interested, fook off and leave it alone!

For the same reason you posted this I guess.

Edit : Actually to add to this, this is a professional forum for people running their own business. If some muppet wants to come on here not even being bothered to research a tax year FFS and expect free advice from the accountants here they deserve everything they get!