Where has the Dividend Tax gone ?
10% of £37862 = £3786.20, but only £3756.90 is credited to my client (checked through the HMRC website and commercial software). My own calculation in Excel would show a £5 refund. Please someone, tell me what I am missing
Tax calculation
This section provides you with a breakdown of your full calculation.
Pay from employments £5,712.00
Pay from all employments £5,712.00
Interest received from UK banks and building societies £838.00
Dividends from UK companies (plus 10% tax credits) £37,862.00
Total income received £44,412.00
minus
Payments into a retirement annuity contract etc. £368.00
Personal allowance £6,475.00
Total £6,843.00
Total income on which tax is due £37,569.00
How we have worked out your income tax
Amount Percentage Total
Dividends from companies etc £37,400.00 @ 10% £3,740.00
£169.00 @ 32.5% £54.92
Total income on which tax has been charged £37,569.00
Income Tax charged £3,794.92
minus 10% tax credits on dividends from UK companies (not repayable) £3,756.90
Income Tax due after dividend tax credits £38.02
minus Tax deducted
Interest received from UK banks and building societies £14.75
Total tax deducted £14.75
Total Income Tax due £23.27
Tax credit is restricted