Dividens over the allowence and CGT under the allowence - Self assessment form

sjb2016

Hi all,

For the 2023/2024 tax year, I've got about £2000 of dividends and about £3,100 in capital gains, and about £5 in interest from the investment account. That is my only income (no paid work, so not on PAYE).

I'm slightly confused as to what actually goes on my SA return. The dividends obviously, as they over the allowance. But do I need to include the capital gains as they are below the allowance? Same with the interest, include or not to include? Any help, much appreciated.

DRS1

Don't forget the £5 interest.
You put in the whole amount of your income not just what is over any allowances.
For CGT you also need to know the value of the asset(s) you sold  If that was more than (I think) £50k then you should declare it even if the total gain is below the £6k allowance.
Someone will be along later to ask why you are doing self assessment.

Bookworm105

DRS1 said:

Someone will be along later to ask why you are doing self assessment.

presumably OP is required to submit for 23/24 so too late to query that now 
but as you say, on  that level of activity OP should not be within SA and should ask to come off it for 24/25

Op your tax return is a declaration of all sources of income
- employment (PAYE) = none, so do not include that section when tailoring your tax return 
- dividends - include gross amount
- interest - include gross amount


Capital gains - include that section if you meet the criteria that requires you to do so 

Capital Gains Tax: what you pay it on, rates and allowances: Work out if you need to pay - GOV.UK

You do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than £50,000
• you’re registered for Self Assessment

 Capital Gains Tax: what you pay it on, rates and allowances: Reporting and paying Capital Gains Tax - GOV.UK

sjb2016

Thanks so far for everyone's replies. Very helpful. I'm not originally from around here (not that it's an excuse), but I haven't filed an SA for the last six years. I used to file because I had a house that was rented out, but that was sold, CGT paid, and then I informed HMRC that I didn't need to file SA. All good. So, I just assumed that if I did need to file SA, I would just log back into my HMRC online account and do what needed to be done. I haven't had anything from HMRC saying that I need to file SA and I haven't registered (if that is a thing).

But your replies got me doing a bit more research and I don't think I need to file anything with HMRC...

The above is literally all of my income. I've got the entirety of my personal allowance at my disposal. So, the £2000 in dividends and the £5 in bank interest both are covered by the personal allowance. And as the dividends are less than £10,000, don't need to tell HMRC. Similarly, the capital gains are within the allowance for 23/24 and the sale price was exactly £20,000, so less than the £50,000 threshold which would trigger reporting.

So, it seems, that for this year I don't have to file anything with HMRC, is that correct?