Morning all,
I have recently received an updated personal tax code. I am a company director who takes a pretty typical mix of salary & dividends. My tax code is reducing my personal allowance (further!) and when I look at the HMRC "make up" of the tax code, it seems to be suggesting that as I take company dividends above £5k, this "excess" dividend over £5k is being used to reduce my personal tax code? Seems really bizzare? Anyone had a similar notice or experience?
Thanks, JmB
Replies (1)
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It is common
Just phone them up if you don't want it.
Or ask your accountant to.
Don't forget to budget for self assessment tax on the dividends not included in your code.
With kind regards
Clint Westwood