Backdating the dividend

[kembljoe]

Hi,

My Limited company year end was the end of May 2012. All the paperwork had already been sent to Companies House at the end of the financial year.

During the 2011/2012 financial year, I "never" paid myself an interim dividend within that period due to various reasons. So the dividend amount for the previous financial year is shown as "0" amount.

I have not sent my self assessment tax return forms for 2011/2012 to HMRC yet.

I have transferred the whole dividend amount for the current tax year (2012/2013).

Now I would like to transfer the dividend amount for the previous tax year (2011/2012) as well without paying the higher tax (%32.5). I had had enough income to cover the dividend amount for the previous year

As I said I do not want to pay myself any interim dividends during 2011/2012 year without pushing my income into the higher tax brack.

Is there any legal way of backdating the dividend amount for the previous year?

Has anyone been in a similar situation? If so, how did you address it?

Regards,

K.

[SueEllen]

Nope you can't do that.

For future reference search on here for "Directors loans".

[northernladuk]

... and get an accountant.

[MayContainNuts]

If the paperwork has gone it's too late!!!!

[tractor]

...

The word 'planning' is in the phrase 'tax planning' for a reason. Sorry it's not good news.

[kembljoe]

Nope you can't do that.

For future reference search on here for "Directors loans".

But in the following discussion in which exactly my situation is explained, it seems that it is possible.

http://forums.contractoruk.com/accou...ssessment.html

... And I do have an accountant that did not warn me about that!

[Pondlife]

But in the following discussion in which exactly my situation is explained, it seems that it is possible.

http://forums.contractoruk.com/accou...ssessment.html

... And I do have an accountant that did not warn me about that!

Yes but your accounts have already been submitted, no? In the case of the link the companies figures had not been filed and so could still include the dividend declared but not taken.

Or have I misread it?

[northernladuk]

But in the following discussion in which exactly my situation is explained, it seems that it is possible.

http://forums.contractoruk.com/accou...ssessment.html

... And I do have an accountant that did not warn me about that!

Doesn't mention if he has submitted his paperwork as yet in that post, you say you have sent it. Makes a big difference.

If you have an accountant why don't you ask him?

[kembljoe]

Doesn't mention if he has submitted his paperwork as yet in that post, you say you have sent it. Makes a big difference.

If you have an accountant why don't you ask him?

The company annual accounts for the period ending 31st May 2012 have been prepared and submitted to both Companies House and HMRC.

My Self-Assessment tax return for 2011-12 is still at the draft stage...

[SueEllen]

If you have an accountant why don't you ask him?

Because like us he won't give the answer kembljoe wants.

Tell you what - kembljoe go ahead and back declare the dividend.

Just be prepared to find a new accountant who will accept you after seeing your full accounts and explain what you did to HMRC.