inland revenue tax

Negotiator

When dealing with shares and you get dividend payments you get taxed on the dividends dont you. So about once a year i think, the broker sends you a tax form. Who do i send this tax form to?

Chrismaths

Unless you need to fill in a tax return (for instance if you are a higher rate taxpayer), you don't need to do anything with it. For most people, the tax liability is settled by the tax credit that comes with the dividend, so you have no further tax to pay.

RayWolfe

Chrismaths is correct but,in addition, you should keep the tax credit advice for six years in case of any problems.
Ray

Negotiator

so does theonline broker send me some kind of tax form once a year?

RayWolfe

Should do, around the end of the tax year generally.
Ray

Negotiator

april aint it, what do i do with it then?

MarkyMarkD

As it says above, keep it but do nothing unless you pay higher rate tax in which case you will need it to work out how much additional tax you owe.

Negotiator

i dont think am a high tax payer, how much have you got to earn to be a high tax payer?

jem16

£38,335 to enter higher rate tax bracket.