Reply to: 6 April deadline

[PerfectStorm]

Knew it was Cater Allen just by the description of the delay

There are real banks with actual faster payments that are instant, that are free you know...

With a possible recession coming up I'd hate to be with anyone whose transfers could invoke squeaky bums if it came down to it..;

[PK2]

So on to the next task of finding a new accountant and bank account......

Hey, I already switched accountants half-a-year ago, and these ones have been recommended to me by a workmate, they're cheaper, and I sometimes see their ads on this forum.

Cater Allen, yes....although I can live with 1.5-day transfers. Who knows how long I'll stay contracting now days.

[northernladuk]

Thanks everyone!

I got hold of my accountant after 6 April and he reassured me that all the dividends I declare are meant to be interim anyway, as it's a more flexible approach (and that final dividends would not be in respect to 6 Apr anyway, but rather to the company's yearend date).

That automatically solves my next issue of declaring a dividend twice in a row.

So on to the next task of finding a new accountant and bank account......

[PK2]

Going to follow up with my accountant but really worried I've screwed something up now

Thanks everyone!

I got hold of my accountant after 6 April and he reassured me that all the dividends I declare are meant to be interim anyway, as it's a more flexible approach (and that final dividends would not be in respect to 6 Apr anyway, but rather to the company's yearend date).

That automatically solves my next issue of declaring a dividend twice in a row.

[concord]

A common misconception. If the extra dividends would not result in a tax liability (e.g. they are within any unused personal allowance or the £2k dividend nil-rate band) and she has no other reason to file a tax return then she would have no obligation to notify HMRC or complete a tax return.

I did think about that but it was late. Even if it wasn't the case, I would have had a long time to figure out how to submit her self assessment.

Lesson learned.

[TheCyclingProgrammer]

She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

My accountant would charge for preparing that so it wouldn't be worth it.

A common misconception. If the extra dividends would not result in a tax liability (e.g. they are within any unused personal allowance or the £2k dividend nil-rate band) and she has no other reason to file a tax return then she would have no obligation to notify HMRC or complete a tax return.

[Lance]

She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

My accountant would charge for preparing that so it wouldn't be worth it.

My accountant does my SA.
I do the wife's.
It's really simple as I simply lift the dividend number from my SA, reduce it to a 1/4 (she has 20%) and stick that in. It takes 15 minutes hence I won't pay the accountant £100 for the privelige.

[concord]

it's academic now. but....
why would taking £125 extra in dividends, on top of the presumaby c. £40k you've already taken, have any impact on the cost of your wife's SA?

What have you NOT told us?

She was recently gifted shares and so she would require a self assessment for the 19/20 tax year to account for the tiny dividend payment.

My accountant would charge for preparing that so it wouldn't be worth it.

[Lance]

No, actually I don't. I had a moment of inspiration from this thread but then realised my wife would need to file a self assessment. While it's probably dead simple, my accountant handles that and the fee would outweigh the dividend.

it's academic now. but....
why would taking £125 extra in dividends, on top of the presumaby c. £40k you've already taken, have any impact on the cost of your wife's SA?

What have you NOT told us?

[concord]

No, actually I don't. I had a moment of inspiration from this thread but then realised my wife would need to file a self assessment. While it's probably dead simple, my accountant handles that and the fee would outweigh the dividend.

[northernladuk]

Do you really want to piss about for percentage savings on 125 quid?

[concord]

My company pays an annual dividend and I factor in expected income from a savings account.

I noticed that because interest rates were lowered, I have about £125 remaining to reach the lower tax limit.

Has anyone's company paid such a small dividend?

Thanks.

[Lance]

Thing is, who actually offers safe(r) free banking these days?

Mettle a NatWest thing. Free agent provided as well.
Only problem is £10k transaction limit. Easy setup though and it’s good to have several if you’re warchest is over the FSCS protection limit.

[MrMarkyMark]

You know what your first jobs in the new financial year are then don't you.

Thing is, who actually offers safe(r) free banking these days?

I must admit I have no idea

Don't start an argument with Tarbie though. He invented faster payments you know

As if I would ever start an argument with anyone Lance

[northernladuk]

Actually it's Cater Allen. I never bothered to switch.

I'm not registered with FreeAgent

You know what your first jobs in the new financial year are then don't you.