Tax Newbie - questions

TurnaroundTim

Hello,

I was made a director of a Ltd company (not one I am employed by) just before the end of the last financial year. I received a dividend for that year, which I now need to declare. So, I have contacted HMRC who are sending out details on my self assessment. They say that because I only just declared myself a director, the normal January 31 deadline will not apply to me, and I have several months to submit the return.

However, I am entirely new to this and want to clarify a few things.

I am full time employed and pay tax through PAYE. On my tax return, I will have to confirm my earnings through employment and the dividend I received for FY ending March 2012 (~£5000). However, do I need to declare:

- Cashback from Quidco and other similar sites? (~£300 or so)
- £100 paid to me each month by my live-in girlfriend who likes to assist with bills? Not "rent" as such and no contract is in place?

Sorry if these are stupid questions, I just need to clarify

Thanks for your help

ceeforcat

Not enough information - how much do you earn under PAYE?

TurnaroundTim

ceeforcat wrote: »

Not enough information - how much do you earn under PAYE?

Last year was total of £80k before tax.

ceeforcat

OK - the return is necesary in order that you pay the Higher Rate tax on the dividend which was paid prior to 5th April 2012.

The quidco income should be declared but how many so do? - I will leave it at that.
The money from your girlfriend is surely a contribution towards household expenses and is not income - should not appear anywhere near your return.

TurnaroundTim

ceeforcat wrote: »

OK - the return is necesary in order that you pay the Higher Rate tax on the dividend which was paid prior to 5th April 2012.

The quidco income should be declared but how many so do? - I will leave it at that.
The money from your girlfriend is surely a contribution towards household expenses and is not income - should not appear anywhere near your return.

Thank you for your assistance here, that helps a lot

suso

TurnaroundTim wrote: »

Hello,

I was made a director of a Ltd company (not one I am employed by) just before the end of the last financial year. I received a dividend for that year, which I now need to declare. So, I have contacted HMRC who are sending out details on my self assessment. They say that because I only just declared myself a director, the normal January 31 deadline will not apply to me, and I have several months to submit the return.

However, I am entirely new to this and want to clarify a few things.

I am full time employed and pay tax through PAYE. On my tax return, I will have to confirm my earnings through employment and the dividend I received for FY ending March 2012 (~£5000). However, do I need to declare:

- Cashback from Quidco and other similar sites? (~£300 or so)
- £100 paid to me each month by my live-in girlfriend who likes to assist with bills? Not "rent" as such and no contract is in place?

Sorry if these are stupid questions, I just need to clarify

Thanks for your help

There are two elements to the January 31st deadline, the first one is the filing of the return. you will be granted an extension, its 3 months and 7 days from the date of issue of the return.

The second part and this is relevant to you is the payment of any tax due.

If you didn't notify HMRC by the 6th October that you had an additional source of income (the dividends) then you are classed as "Failure to Notify" any tax due is still due at the statutory payment date of 31/01/2013.

If you don't have your UTR by the middle of January then you are best off looking at a SA361 payment slip on the HMRC website and making a payment.

The tax credit that will already have been deducted is 10%, for higher rate taxpayers, the correct rate should be 32.50%, so there will be an additional 22.5% to be paid.