SA100 form,self assessment

craig51

Evening all.

I am a typical PAYE employee. I earned approx £33k last year working for a bank, have done for the last 10 years.

On the 3rd April 2014 I received my first dividend from the family company of £75000 . This is what actually hit my bank account. I need to pay tax on this.

So , today I signed up with hmrc to get my unique tax reference number to allow me to complete my online self assessment.

While I am waiting for this to come though I decided to download a paper copy of the return to see what it is like and to get familiar with it. I looked at SA100 from the HMRC website.

So some questions

1/
On page TR2', it asks what makes up my tax return. The only thing on this page that relates to me is my employed PAYE income. So do I tick this box and then complete a supplementary page with all the details? I ask because hmrc should already know this as I am a paye and all tax has been paid, I don't want to double pay! Or is the online system clever and already know this about me.

2/

On page tr3, this looks like where I would enter my dividend income, so I would declare this in box 3' "dividends from uk company's". Is that right?

Then the rest is blank apart from sigining it etc.

Is this correct. So best case just complete the dividend part, or worse case also complete the employed part aswell which they should already know.

Cheers.

Gas_Powered_Toothbrush

craig51 wrote: »

1/
On page TR2', it asks what makes up my tax return. The only thing on this page that relates to me is my employed PAYE income. So do I tick this box and then complete a supplementary page with all the details? I ask because hmrc should already know this as I am a paye and all tax has been paid, I don't want to double pay! Or is the online system clever and already know this about me.

You declare all of your income (including your employment income), and then enter the tax you've already paid. You won't be taxed on it again.

(HMRC will only know what your employer has told them, and that might not be correct)

craig51 wrote: »

2/

On page tr3, this looks like where I would enter my dividend income, so I would declare this in box 3' "dividends from uk company's". Is that right?

Yes. Enter the amount you actually received.

craig51

Thank you very much, that makes sense.

So fill in he supp income sheet with employed income, and the dividend bit. Job done.

Is there any harm doing this sooner rather than later?


Secondly, I might receive the same again next April in this tax year but won't know until much closer the time , as in, 1 week before.

What can I do this year to lower my tax take? Put some paye income into pensions? Any other ways to lower my income to help lower the tax?