Self Assessment

thanks

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Thanks for the info. re: dividends - I know they're recorded elsewhere, but I was confused about the terminology they were using in the 'filling in your tax return' guidance notes; even with a booklet that large, it's still not explicit.

Time to hand over to an accountant who will helpfully perform damage limitation!!

ta

diviking

Dividends are recorded in a separate area to employment salary.

I think you may have been given bad advice on payments to yourself from your company. All good accountants would advise paying a nominal salary as well as dividends.

Not paying a salary is more likely to expose you to problems with the Inland Revenue than anything else you mentioned.

So are we meant to have received anything in the mail about tax assessment for 31 Jan or what?

Mailman

The instructions for the Employment pages basically say that if you are a director, include in boxes 1.8-1.10 ALL income received.

q1 - this does not include dividends, correct?

It goes on to say that if you received no income, including deemed Employment payment (IR35 rules), then include a note in the Additional Information box 23.5 explaining why you ticked the box, but didnt include any income and didnt fill in the employment section.

Last year I took only dividends out of my new company, no salary.
My further questions are:
q2 - Is filling in the Additional Information text box likely to trigger an investigation?
q3 - How much information should be included?
q4 - Does anyone have a good example of this?

q5 - is it recommended to take out PCG insurance?

Thanks

di viking