Reply to: Self Assessment

[ContrataxLtd]

I do have an accountant, but is one of those who charge extra (not a lot, admittedly) to file my SA, plus I wanted to see if I'm good enough to do it myself (it looks like I am - just! - although if it keeps getting this boring, next time I might just go for the extra charge).

Thanks Martin and all for the information, also for pointing out that in the Service Companies box you need to put dividend payable + tax credit, which I had missed on first reading!

No Problem Deeday UK, if you need anything else just give me a shout.

Martin
Contratax Ltd

[northernladuk]

I do have an accountant, but is one of those who charge extra (not a lot, admittedly) to file my SA, plus I wanted to see if I'm good enough to do it myself (it looks like I am - just! - although if it keeps getting this boring, next time I might just go for the extra charge).

Thanks Martin and all for the information, also for pointing out that in the Service Companies box you need to put dividend payable + tax credit, which I had missed on first reading!

I'd argue that but your call.

[Deeday UK]

Gotta ask the question. How come you don't have an accountant?

I do have an accountant, but is one of those who charge extra (not a lot, admittedly) to file my SA, plus I wanted to see if I'm good enough to do it myself (it looks like I am - just! - although if it keeps getting this boring, next time I might just go for the extra charge).

Thanks Martin and all for the information, also for pointing out that in the Service Companies box you need to put dividend payable + tax credit, which I had missed on first reading!

[ContrataxLtd]

Martin, I was about to start a new thread, but you seem to know the answer to my question: did I get it right that dividends from the Ltd company used for contracting (of which I'm a shareholder) must be entered in the Self Assessment twice?

• Once in the 'Dividends from UK companies' section (SA100, page TR 3)
• and once in the 'Service companies' section, added to the gross salary (page TR 5)

Or should those dividends be entered only in the Service companies section?
I gather the former is correct (entered twice), but the SA notes don't clarify this point explicitly, and I definitely don't want to self-assess that I received twice as much dividends as I actually have!

Can anyone please confirm that my interpretation is right?

Thanks a lot.

Hi Deeday UK

That's correct, you have to enter the dividends in two separate boxes on the tax return.

The 'dividends from UK companies' is entered net and this is the box HMRC use to calculate the tax due.

The 'Service Companies' box should contain the gross dividends (and gross salary) received from your LTD and but this has no bearing on the tax due, it is purely for HMRC information purposes.

Most accountants (contractor specialists especially) will include your self assessment for free as part of their monthly fees, we certainly do, so it might be worth checking a few out if you don't already have an accountant. It will save you the trouble of having to complete your own return each year.

Martin
Contratax Ltd

[northernladuk]

it's called SELF assessment, not Accountant assessment...

Lol.. what a load of rubbish.

[sal]

Gotta ask the question. How come you don't have an accountant?

Some accountants charge extra for SATR and people prefer to to it themselves, not a rocket science but still sometimes you might need an advice. it's called SELF assessment, not Accountant assessment...

[northernladuk]

Martin, I was about to start a new thread, but you seem to know the answer to my question: did I get it right that dividends from the Ltd company used for contracting (of which I'm a shareholder) must be entered in the Self Assessment twice?

• Once in the 'Dividends from UK companies' section (SA100, page TR 3)
• and once in the 'Service companies' section, added to the gross salary (page TR 5)

Or should those dividends be entered only in the Service companies section?
I gather the former is correct (entered twice), but the SA notes don't clarify this point explicitly, and I definitely don't want to self-assess that I received twice as much dividends as I actually have!

Can anyone please confirm that my interpretation is right?

Thanks a lot.

Gotta ask the question. How come you don't have an accountant?

[Kenny@MyAccountantFriend]

You are correct they should be entered twice and in the services companies box the gross figure should be shown plus your salary.

[Deeday UK]

an employment page for each employment (P60/P45 details & P11d details where applicable), gross salary + gross dividends from LTD in the service company box, dividends in the dividend section

Martin, I was about to start a new thread, but you seem to know the answer to my question: did I get it right that dividends from the Ltd company used for contracting (of which I'm a shareholder) must be entered in the Self Assessment twice?

• Once in the 'Dividends from UK companies' section (SA100, page TR 3)
• and once in the 'Service companies' section, added to the gross salary (page TR 5)

Or should those dividends be entered only in the Service companies section?
I gather the former is correct (entered twice), but the SA notes don't clarify this point explicitly, and I definitely don't want to self-assess that I received twice as much dividends as I actually have!

Can anyone please confirm that my interpretation is right?

Thanks a lot.

[ContrataxLtd]

Martin that would be really helpful, I would like to take you up on that offer.

Hi Bones

No problem at all, i'll send you a PM now with my details etc. so that you can get in touch.

Cheers

Martin
Contratax Ltd

[Bones]

The OP seriously needs to up their game on their knowledge of these things and either instruct their current accountant on their needs or appoint a new accountant AFTER ensuring that any candidate operates and will function according to those needs.

This is very true but its easy to say and hard to achieve. Where do you get the knowledge from, other than people who know from experience. The usual guides are not written as company director friendly.
In terms of vetting an accountant I can only see that as very limited until you have been through a years worth of service.

The whole situation the OP is in smacks of handing over all responsibility to someone who does not in law have any responsibility and then forgetting it until a. it is too late and b. it becomes financially imperative.

Exactly, this is not about putting the wrong figure in a box, its about accidentally sending a red flag to HMRC.

Hi Bones

If you do complete the return online yourself and want a quick sanity check of it before submission then feel free to drop me an email (martin at contratax.co.uk) and I'll cast my eye over it for you.

As others have said, an employment page for each employment (P60/P45 details & P11d details where applicable), gross salary + gross dividends from LTD in the service company box, dividends in the dividend section and anything else you may have in the relevant boxes (bank interest, gift aid etc.).

Hope this helps

Martin
Contratax Ltd

Martin that would be really helpful, I would like to take you up on that offer.

[ContrataxLtd]

Have been sent P60 in email today, they dont send them out automatically apparently.
It looks as though I am just going to have to pay them to fill in my tax return as I have had so little advice here, but many thanks to those who have helped.

Hi Bones

If you do complete the return online yourself and want a quick sanity check of it before submission then feel free to drop me an email (martin at contratax.co.uk) and I'll cast my eye over it for you.

As others have said, an employment page for each employment (P60/P45 details & P11d details where applicable), gross salary + gross dividends from LTD in the service company box, dividends in the dividend section and anything else you may have in the relevant boxes (bank interest, gift aid etc.).

Hope this helps

Martin
Contratax Ltd

[tractor]

.....

The OP seriously needs to up their game on their knowledge of these things and either instruct their current accountant on their needs or appoint a new accountant AFTER ensuring that any candidate operates and will function according to those needs.

The whole situation the OP is in smacks of handing over all responsibility to someone who does not in law have any responsibility and then forgetting it until a. it is too late and b. it becomes financially imperative.

[TheFaQQer]

Have been sent P60 in email today, they dont send them out automatically apparently.
It looks as though I am just going to have to pay them to fill in my tax return as I have had so little advice here, but many thanks to those who have helped.

Complete an employer section for each employer.

Complete a dividend section for the dividends.

IANAA.

[Bones]

Have been sent P60 in email today, they dont send them out automatically apparently.
It looks as though I am just going to have to pay them to fill in my tax return as I have had so little advice here, but many thanks to those who have helped.