Reply to: Self Assessment for Dividends

[Scruff]

I would carefully consider that the correct dividend vouchers have been issued by your friend's Company, and based on their dates, this will determine in which Tax Year they get declared. Depending on the amounts, and whether they take him/her into the High Rate income tax bracket, the only amount to be outstanding might be the penalty for late submission for the late tax return? Always better to file the income correctly. IANYA, so best confirm with them.

[mahesh1985]

Split it

Declare the dividends as they were paid (assuming voucher dates and payment dates match), i.e. declare some dividends in both tax years

Spot on JB3000 that's what was advised by others as well.. he has been doing the return manually for corrections for 12/13 and will be sending it soon. Thanks for the advice....:-)

[JB3000]

This is a query of my friend please could anyone help ??

The message was sent to me ......

"I have taken dividends from my company from June 2012- June 2013...

When doing the self assessment for 2012-2013 I did not enter any dividends but when doing SA 2013-2014
I have put the whole figure at once as dividend taken, is this right way or should I split the amount into both SA "

Please help any experts ...

Split it

Declare the dividends as they were paid (assuming voucher dates and payment dates match), i.e. declare some dividends in both tax years

[mahesh1985]

If there is no lost tax it's unlikely your "friend" will have much trouble. Repair the 12/13 return and file the 13/14 return accurately. Be prepared for penalties for late filing for 13/14 and (I think) for inaccuracies in 12/13.

And try not to be so touchy when you ask for advice here. The price to pay for free advice is a little abuse [emoji1]

Thank you for the advice :-) .... will follow as said !!

Do not mind some banter .. but just commenting everyone as a tax fraudster sounded really harsh !!

Any how thanks a lot to everyone who helped and even tried to ;-)

[mahesh1985]

Put the money you earned in the year that you earned it. I guess he's confusing the company year with the personal tax year. It's irrelevant when your company year ends as far as your personal income tax goes.

Yes , he was basically confused as you said and thought he did it right ... he is now rectifying it .Thanks for the advice :-)

[northernladuk]

And try not to be so touchy when you ask for advice here. The price to pay for free advice is a little abuse [emoji1]

Wish my accountant would implement that pricing model

[Alan @ BroomeAffinity]

If there is no lost tax it's unlikely your "friend" will have much trouble. Repair the 12/13 return and file the 13/14 return accurately. Be prepared for penalties for late filing for 13/14 and (I think) for inaccuracies in 12/13.

And try not to be so touchy when you ask for advice here. The price to pay for free advice is a little abuse [emoji1]

[meridian]

Oops .. may be you did not understand .He is not committing anything like what you think...

Thanks for your advice

He's misfiled income into the incorrect year and failed to pay the correct amount of SA in his 2012/13 return, thus opening him up to penalties.

The advice was good, even if you don't want to hear it - get an accountant to look at the books and file everything properly, their fees will be saved by the, following the correct process to restate the income and they can try to reduce any penalties owing.

[northernladuk]

Oops .. may be you did not understand .He is not committing anything like what you think...

Thanks for your advice

He may not think so but if HMRC want to get funny about it they could come to a different conclusion. I was just making the point he should be getting proper advice at this point.

[VectraMan]

was asking if he can enter the whole amount(total amount of dividends taken ) in the 2013-2014 SA

rather than enter the amounts of dividends individually ???

i.e Dividends he got in between april2012 -april2013 in SA 12/13
and the remaining dividends may 2013 -april2014 in SA 13/14

Put the money you earned in the year that you earned it. I guess he's confusing the company year with the personal tax year. It's irrelevant when your company year ends as far as your personal income tax goes.

[mahesh1985]

Talk about the blind leading the blind. Tell your 'friend' to go get himself an accountant and deal with this properly. He's in the poop already and in many cases like this I suspect this is just the tip of the iceberg. He's currently committing tax evasion so tell him to get professional advice.

Oops .. may be you did not understand .He is not committing anything like what you think...

Thanks for your advice

[northernladuk]

This is a query of my friend please could anyone help ??

The message was sent to me ......

"I have taken dividends from my company from June 2012- June 2013...

When doing the self assessment for 2012-2013 I did not enter any dividends but when doing SA 2013-2014
I have put the whole figure at once as dividend taken, is this right way or should I split the amount into both SA "

Please help any experts ...

Talk about the blind leading the blind. Tell your 'friend' to go get himself an accountant and deal with this properly. He's in the poop already and in many cases like this I suspect this is just the tip of the iceberg. He's currently committing tax evasion so tell him to get professional advice.

[mahesh1985]

Is this from you or your 'friend'?

From me to a person who don't help ....But still struggles for identity crisis (Like you )

[stek]

don't you think before posting ;-) ...

Is this from you or your 'friend'?

[mahesh1985]

Oh, the old 'asking for a friend' thing, yeah, right....

don't you think before posting ;-) ...