Self Assessment help

CrowCrow

Hello

I'm completing my self assessment for first time but a lot of my paperwork has been destroyed.

Do I need to put individual income figures for the 3 PAYE jobs I had? (they aren't starred)

I have my tax calculation for 2014/2015 which shows my;

PAYE
BIK
Benefits

but not broken down by job. I received a tax refund.

I also have substantial dividends in addition to the above.

So based on the tax calculation I can leave the salaries blank and just input the dividends?

PAYE should have all taxed paid. Dividends won't have any additional tax. So just add the two minus student loan allowance to get my student loan liability which I manually put in?

Darksparkle

You need to record details of all taxable income on the self assessment.

The only way to calculate the total tax due is by knowing the total taxable income.

Each job should be recorded separately.

booksurr

the purpose of SELF assessment is you declare ALL your income and HMRC compares that to the records it holds to see if you are lying. If HMRC finds differences then they may challenge your figures at which point your life just took a turn for the worse

job income (x3) + (non ISA) dividends + (non ISA) savings interest + anything else = total income. That figure may (or may not) put you into a different tax bracket. So far your PAYE and dividends have been subject to only basic rate tax, that may not be the actual case in total

if you got a refund last year and had 3 jobs + "substantial" dividends it sounds like you did something wrong?

CrowCrow

Odd that they dont list salaries as necesssy information.

I can get total PAYE from payslips?

Dividends dont atttact any more tax if below £26k ish, which mine are. I haven't used my tax free allowance let alone moved into higher rate.

Darksparkle

CrowCrow wrote: »

Odd that they dont list salaries as necesssy information.

I can get total PAYE from payslips?

Dividends dont atttact any more tax if below £26k ish, which mine are. I haven't used my tax free allowance let alone moved into higher rate.

If you note you have employment income then it does request all details of pay, tax and benefits in kind.

The tax you pay on dividends depends entirely on your total income for the year. They aren't looked at on their own.

If you have not used your personal allowance from 3 jobs that would suggest the total salary in all 3 jobs is less than £10,000. Is that correct? If so you shouldn't have paid any tax so far.

You stated you receive substantial dividends, that would have suggested to me that you were at least a higher rate taxpayer. Depends on what you consider to be substantial.

CrowCrow

Incorrect tax codes led to overpaying tax and the refund.

Dividends are taxed seperately and dont attract income tax, they attract dividend tax which is an effective rate of 0% up to £31k. So they are looked at on their own. My dividends will only have impact on my student loan.

Darksparkle

CrowCrow wrote: »

Dividends are taxed seperately and dont attract income tax, they attract dividend tax which is an effective rate of 0% up to £31k. So they are looked at on their own.

You are incorrect.

[Deleted User]

booksurr wrote: »

on the other hand if you had 3 in succession, then the one you had at 5th April should have given you a P60 summary which would include the figures from your "previous employments" so you would use the total shown on that P60

I am not sure that is correct. The form asks:

In the tax year 6 April 2014 to 5 April 2015:

Were you an employee, director, office holder or agency worker?* Help about: Employee, director, office holder or agency worker - opens in a new window
How many employments or directorships did you have?*
Please provide us with the name of your employer(s):
Employer 1 name:*

Each employment should be entered separately. That is why a P45 part 1A is given on each termination and also why 'Pay in this employment' is separately identified on the P60.

So, if the op does not have the forms P45 Part1A from his previous two employments he needs to get the details asap.

TheCyclingProgrammer

CrowCrow wrote: »

Incorrect tax codes led to overpaying tax and the refund.

Dividends are taxed seperately and dont attract income tax, they attract dividend tax which is an effective rate of 0% up to £31k. So they are looked at on their own. My dividends will only have impact on my student loan.

Dividends are not taxed in isolation. They have their own rates but the rate you pay depends on whether you are a basic or higher rate tax payer, which depends on your other income.

You are right that basic rate payers have no additional tax to pay on their dividends due to the tax credit though you should be aware it's the gross amount that counts as earnings towards the tax thresholds.

You should also be aware this changes from next year.

CrowCrow

[Deleted User] wrote:

I am not sure that is correct. The form asks:

In the tax year 6 April 2014 to 5 April 2015:

Were you an employee, director, office holder or agency worker?* Help about: Employee, director, office holder or agency worker - opens in a new window
How many employments or directorships did you have?*
Please provide us with the name of your employer(s):
Employer 1 name:*

Each employment should be entered separately. That is why a P45 part 1A is given on each termination and also why 'Pay in this employment' is separately identified on the P60.

So, if the op does not have the forms P45 Part1A from his previous two employments he needs to get the details asap.

Job 1: p60 coming.

Job 2: p45

Job 3: payslips, will try and get p60.

Will that work? Hopefully it all adds up to my tax calulation i had.

[Deleted User]

You will not get a P60 for job 1 (or shouldn't) as those forms are only appropriate if in employment at tax year end - but maybe employer 1 is going to be extra helpful.