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I think I forgot to declare Dividends on my 2022/2023 tax return. What now?
icicat
Posts: 217 Forumite
in Cutting tax
Hey all, I just realised I was paid in £744.52 of dividends in the 2022/2023 tax year. Looking at my return I saved I can't see that I declared it.
I read there is a dividend allowance, though not sure if this factors in with what I earn which is over 49k.
Would I still need to declare these dividends? If so how would I go about doing it if my return was already done?
I read there is a dividend allowance, though not sure if this factors in with what I earn which is over 49k.
Would I still need to declare these dividends? If so how would I go about doing it if my return was already done?
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Comments
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https://www.gov.uk/self-assessment-tax-returns/corrections
Updating your tax return
You can correct a tax return within 12 months of the Self Assessment deadline, online or by sending another paper return.
###Example For the 2022 to 2023 tax year, you’ll usually need to change your return by 31 January 2025.
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Great, thanks for the link. that's useful to know. So would that count even after submitting and paying fees?0
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given it appears you are required to submit a tax return for that year then you are required to submit a revision to it so your figures are correct
I assume £49k is gross income, so you are a basic rate taxpayer for that year (the higher rate threshold starts at £50,270)
therefore, and also assuming you have not already declared dividends on the submitted return, then adding a further 744 of dividends will not put you into higher rate, and therefore you will still be entitled to the basic rate tax dividend allowance of £1,000, which obviously means you will not have to pay any tax on that £744 as it's covered in full by the div allowance.0 -
Bookworm105 said:given it appears you are required to submit a tax return for that year then you are required to submit a revision to it so your figures are correct
I assume £49k is gross income, so you are a basic rate taxpayer for that year (the higher rate threshold starts at £50,270)
therefore, and also assuming you have not already declared dividends on the submitted return, then adding a further 744 of dividends will not put you into higher rate, and therefore you will still be entitled to the basic rate tax dividend allowance of £1,000, which obviously means you will not have to pay any tax on that £744 as it's covered in full by the div allowance.0
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