Share this content
0
2420

Taxfiler - CT600 dividends received

Taxfiler - CT600 dividends received

Didn't find your answer?

Search AccountingWEB

Hi,

Can anyone advise as to where I enter dividends received from a uk company correctly on a Taxfiler CT600?

I have clicked on box 620 to open the grid to add the detail and thought that this would also make the appropriate entry in the computation but it hasn’t.

Great software, so I know I must be missing something obvious/simple.

many thanks s

 

 

 

 

 

Replies (11)

Please login or register to join the discussion.

RLI
By lionofludesch
12th May 2018 10:17

I don't have any companies receiving dividends but do you not deduct them from trading profits, whereupon they magically appear elsewhere as dividends received?

Thanks (0)
Replying to lionofludesch:
avatar
By atleastisoundknowledgable...
12th May 2018 10:20

Yes. I’m sure somewhere there’s a box asking for FII (divs rec’d). I use TaxCalc’s SimpleSteps so have no idea what any of the box numbers are!

Thanks (0)
avatar
By Matrix
12th May 2018 10:48

I don't know the numbers of the boxes either but in Taxfiler you enter the UK dividend in Adjustments to trade profits under Profits/(losses) from non-trading loan relationships and then enter them as FII (the name may be different now) on a separate sheet. Or at least that is what I did to achieve the correct result that they are not taxable.

Thanks (0)
avatar
By atleastisoundknowledgable...
12th May 2018 11:42

I love the way that everyone’s response is ultimately “not sure the right way, but this is what I did to get the right result”.

Thanks (0)
Replying to atleastisoundknowledgable...:
avatar
By andy.partridge
12th May 2018 12:01

This is the way we operate now there are no heavy operating manuals on the desk to thumb through.

Thanks (0)
Replying to andy.partridge:
avatar
By atleastisoundknowledgable...
12th May 2018 12:34

Amen.

Was on a course the other day with PTP’s Guy Loveday who said that Sir David Tweedie (of Chair of IASB fame) told him “never start with a blank page, start with what you to end up with, then justify how you can get there”. They were talking about accounting notes, in particular a RPT note, but I guess you could (in fact we all are) apply it to a tax return!

NB - I normally hate name-droppers, unless it seems relevant/gives it substance.

NB2 - so we should start with £nil tax liability, then work out how to get there!

Thanks (0)
RLI
By lionofludesch
12th May 2018 12:02

Is this dividend taxable?

Thanks (0)
Replying to lionofludesch:
avatar
By CWservices6064
12th May 2018 14:26

Hi,

No. Annoyingly it's a very simple IT client who has 'invested' with CoFunds following a meeting with a Financial Advisor who was less then helpful in providing information for the accounts. I managed to get a 'Subsidiary Tax Voucher' in the end detailing the investment and dividends/interest received.

A CTA has confirmed that the interest is taxable as usual and that the dividends are classed as Exempt ABGH Distributions.

The amounts involved are tiny although the FA has managed a decent upfront fee and ongoing 'platform' charges.....................in the wrong business!

Thanks (0)
Replying to CWservices6064:
RLI
By lionofludesch
12th May 2018 14:48

Oh, right. For some reason I assumed it would be.

Surprised there's no more specific reference on Taxfiler but I'd stick it in "Other income and gains not entered elsewhere". White space note is an option, obviously, if you seek more clarity.

Thanks (1)
Teignmouth
By Paul Scholes
14th May 2018 10:39

Have you asked Taxfiler?

In the couple of years I've been using it I've come across 2-3 missing accounts on their TB and, within a matter of weeks they have added them. I'd suggest there should be one for divs received.

Thanks (0)
Replying to Paul Scholes:
avatar
By CWservices6064
14th May 2018 11:05

Hello Paul,

Yes, I have contacted them this morning and we are currently exchanging emails.

It's a great product.

Thanks (0)
Share this content