Tax Credits and Dividends question

[mameha]

I am doing my first ever Ltd company end of year accounts and need help with setting the dividend.

I relocated back to the UK in Nov and setup the company, so my tax credit award is a bit unusual.

Tax Credit Award 11-12*
- income: 6200
- income from previous year: 0
- award: 590

*This award is only for March 16 - April 5 2012 because I didnt know I was entitled to it and so applied mid April and got only one month backdating. Yes, I lost out on a lot of money!

Tax Credit Award 12-13
- projected income: 21350 (includes a 4000 dividend)
- income from previous year: 6200
- award: 6150 (apx 680/month)

Projected Tax Credit Award 13-14
- income: 21350
- income from previous year: 21350
- award: 4080 (apx 340/month)

POINT: The above is how it currently stands, however I wish to now move the 4000 dividend that I put in my projected earnings for 12-13 into the previous tax year 11-12.

I think this will change the tax credit award as follows:

Tax Credit Award 11-12
- income: 10205
- income from previous year: 0
- award: ?X

Tax Credit Award 12-13
- income: 17348
- income from previous year: 10205
- award: ?Y

Projected Tax Credit Award 13-14
- income: 21350
- income from previous year: 17348
- award: ?Z

Please advise:
a) Will HMRC allow me to change my tax credit details for 11-12 now in this way?
(I believe it is no problem on the company side to declare the dividend in March 2012)
b) What will X, Y and Z become?

[northernladuk]

Get yourself an accountant IMO.. You have already lost a lot of money by not having one so seems a no brainer to me.

[Wanderer]

Get yourself an accountant IMO.. You have already lost a lot of money by not having one so seems a no brainer to me.

Agree with that. Find an accountant from the Accountant Recommendations discussion. If the books are already done then it won't cost much for them to check it all and do the end of year accounts.

Also, it appears that you've take about £17350 as salary rather than dividends. Depending on your circumstances this may also be an expensive mistake.

Get an accountant straight away, if after a year or two you want to go down the DIY accountancy route then fine...