I think I forgot to declare Dividends on my 2022/2023 tax return. What now?

icicat

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?

eskbanker

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.

https://www.gov.uk/self-assessment-tax-returns/corrections

icicat

Great, thanks for the link. that's useful to know. So would that count even after submitting and paying fees?

eskbanker

icicat said:

Great, thanks for the link. that's useful to know. So would that count even after submitting and paying fees?

Yes, if your revised liability differs from what was originally settled then a corrective payment or refund will be needed.

Bookworm105

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.

eskbanker

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.

It may not be as simple as that, if there's other taxable income beyond earnings and dividends (e.g. savings interest), or if OP is in Scotland (and for the record, the 2022/23 dividend allowance was £2,000!).