Co-operative dividends

sweetbutternut

Hopefully this doesn't come across as a silly question - but help!

I'm filling in my tax return - self employed and part-time employed, and I am wondering how to fill in co-operative membership dividends. I don't think I actually earned anything (the letter says I haven't earned enough for a share of the profits payment this time) but it's very confusing because it says in the same letter that -

Tax year 6 April 2011 - 5th April 2012
Date of payment Nov 2011
Gross taxable amount earned £0.13
Amount of tax deducted £0.03
Net amount paid £0.10

10p is almost as good as not having earned anything - but do I even have to put it down and where do it I put it on the form? Is it this bit -

Dividends from UK companies. Do not include the tax credit:

Thanks

00ec25

you did not receive 10 pence in cash in 11/12 so you do not have to declare this as you didn't physically get it.

You will declare it (gorss amount) in whichever future tax year they actually pay it out to you

Jenna_Appleseed

and isn't it just paid out as Co-op supermarket vouchers anyway?

mustardseed6

The taxable element of the Co-op "dividend" is actually treated as savings income akin to bank interest.

rs65

Jenna_Appleseed wrote: »

and isn't it just paid out as Co-op supermarket vouchers anyway?

It can be vouchers (which you can cash at a till) or direct credit to a bank account.

Valli

If you receive a figure for the Gross dividend but you only actually receive the Nett amount then tax is paid (at basic Rate, presumably) would there be any need to declare this at all if your earnings don't take you into a higher tax bracket?

00ec25

Valli wrote: »

would there be any need to declare this at all if your earnings don't take you into a higher tax bracket?

YES - OP already stated they are filling out their SA return, so if you are already required to do one then you must declare ALL income even if that is in the form of (tax paid) vouchers

sweetbutternut

Valli wrote: »

If you receive a figure for the Gross dividend but you only actually receive the Nett amount then tax is paid (at basic Rate, presumably) would there be any need to declare this at all if your earnings don't take you into a higher tax bracket?

Errmmm....I don't actually understand that statement. But I don't think it affects me anyway considering I didn't even earn 10p!

sweetbutternut

Thanks for the replies everyone. Just as well I didn't earn anything - I find doing tax returns a big headache every year and the more different types of work and the more you earn the more complicated it seems to get.

Valli

sweetbutternut wrote: »

Errmmm....I don't actually understand that statement. But I don't think it affects me anyway considering I didn't even earn 10p!

I was kind of asking for myself really;) On my statements there's a gross figure; co-op pay the tax and then I receive (into my bank account) the nett figure.