Hi, I'm wondering if someone on here could help clear this up.
I have had no income throughout the year, except for about £3k of dividends from my company (UK resident).
Given no tax would be due on this as its not more than my personal allowance, do I still need to inform HMRC of untaxed income, and complete a tax return? Seems pointless to me but that doesn't mean its the right answer.
Thanks in advance
Replies (9)
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By “My company” do you mean a company where you are a Director and shareholder?
If so then the company has overpaid over £700 in tax by not taking advice.
See s7/8 TMA 1970 to see if you need to complete a tax return.
Unless you are already required to complete a tax return, the answer is no, as you only need to report taxable income. As others have pointed out, it's cost the Company almost as much as engaging an accountant who may well have helped to save further tax.
If you are required to complete a tax return, then yes, you declare it but there will be no tax to pay.