Telling HMRC about Dividend Income

Harrhy

Perhaps George and his associates had very large share holdings! Is that too cynical?

Dazed_and_C0nfused

Harrhy said:

Perhaps George and his associates had very large share holdings! Is that too cynical?

No, it will be very true!

https://www.theguardian.com/politics/2014/nov/15/coalition-helped-rich-hitting-poor-george-osborne

Hoenir

Harrhy said:

HMRC do nothing but complain about the numbers of phone calls they receive and yet do not give us a simple way of submitting this data to them either by post on a form or electronically. 

Open a Personal Tax Account.  Perhaps if people spent more time researching and learning there'd be far less moaning. 

EthicsGradient

Hoenir said:

Harrhy said:

HMRC do nothing but complain about the numbers of phone calls they receive and yet do not give us a simple way of submitting this data to them either by post on a form or electronically. 

Open a Personal Tax Account.  Perhaps if people spent more time researching and learning there'd be far less moaning. 

Notably, reporting via a Personal Tax Account is not among the options listed by HMRC:

"Pay tax on up to £10,000 in dividends

Tell HMRC by:

• contacting the helpline
• asking HMRC to change your tax code - the tax will be taken from your wages or pension
• putting it in your Self Assessment tax return, if you already fill one in"

Tax on dividends: How dividends are taxed - GOV.UK (www.gov.uk)

If they actually publicised the Personal Tax Account rather than the helpline, it would help.

Harrhy

It would also help if they put up some examples such as a video on the methods used for populating the fields in a Personal Tax Account. I have no idea what I would find I had to do if I went down that route. My tax affairs have always been under PAYE.  Please point me to any such info sources which would assist. It seems like overkill for such a simple matter.
I did once fill in a full tax form when my husband briefly went into a higher tax bracket before he retired and it took days and a lot of work although I have to say there was a feeling of achievement when it was complete!

dingling68

Harrhy said:

It would also help if they put up some examples such as a video on the methods used for populating the fields in a Personal Tax Account. I have no idea what I would find I had to do if I went down that route. My tax affairs have always been under PAYE.  Please point me to any such info sources which would assist. It seems like overkill for such a simple matter.
I did once fill in a full tax form when my husband briefly went into a higher tax bracket before he retired and it took days and a lot of work although I have to say there was a feeling of achievement when it was complete!

There are videos on YouTube about setting up and using your personal tax account.

I failed at posting a link, but if you google how to use a personal tax account and select videos, the links should come up for you.

Harrhy

I'm afraid I'm blushing now. I just checked out the videos and I do have a Personal Tax Account already. The bit I was concerned about was notifying HMRC about the investment income and what sort of things they would ask me. When you have a paper form to fill in you can have a good look at it and the instructions and work out what needs to go in before you start, online you just have to sort things up as they turn up and that doesn't always end well.

Anyway I have just looked at my Personal Tax Account and EthicsGradient is right there is no way to put in any investment income for 2023-24.
They just say: 

Your Income Tax has not been calculated yet for 6 April 2023 to 5 April 2024

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There is no need for you to contact HMRC about this.

There is no suggestion of ways to tell them anything and I assume in due course somewhere around October/November I will get one of those brown envelopes which may give me a clue about the ways to submit the figures. Or I might just post them a letter.

I can tell them about income for 2024-25 but I haven't had that yet.