Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error
£2k Dividend allowance - do I always need to declare?
+ Reply to discussion
Options
MBA MBA
Posted: 06 August 2022 17:34:22(UTC)
#1

Joined: 16/12/2012(UTC)
Posts: 1,725
If one always completes a self assessment every year, but if my total dvidends are well under the £2k allowance, do I still need to declare them on the self assessment? Even if they are only £300?

Thanks for any guidance
Back to top Quote
Tony Peterson
Posted: 06 August 2022 17:38:08(UTC)
#2

Joined: 10/08/2009(UTC)
Posts: 2,178

Thanks: 1845 times
Was thanked: 3933 time(s) in 1297 post(s)
Of course you do. It won't cost you anything until you declare more than 2K in dividends.
Back to top Quote
1 user thanked Tony Peterson for this post.
MBA MBA on 06/08/2022(UTC)
MBA MBA
Posted: 06 August 2022 17:39:24(UTC)
#3

Joined: 16/12/2012(UTC)
Posts: 1,725
Tony Peterson;233648 wrote:
Of course you do. It won't cost you anything until you declare more than 2K in dividends.



Thanks. Just asked as, i think, if one's capital gains liabilities are less than the threshold I'm pretty sure one does not need to declare/do the sometimes complicated calculations.
Back to top Quote
Tony Peterson
Posted: 06 August 2022 17:46:38(UTC)
#4

Joined: 10/08/2009(UTC)
Posts: 2,178

Thanks: 1845 times
Was thanked: 3933 time(s) in 1297 post(s)
sure - gains don't need to be declared if you have sold under the limit for gains with proceeds under the 4x gains limit.

Divs are different. If you received divs, income, even under the limit, and left the box blank, and signed the form it looks as if you are trying to conceal something which, in fact, if they are divs from UK companies, HMRC already knows all about.

Think on that.
Back to top Quote
1 user thanked Tony Peterson for this post.
MBA MBA on 06/08/2022(UTC)
MBA MBA
Posted: 06 August 2022 17:56:43(UTC)
#5

Joined: 16/12/2012(UTC)
Posts: 1,725
thanks. with £300 of dividends nothing to conceal thankfully/unfortunately.
Back to top Quote
1 user thanked MBA MBA for this post.
Tony Peterson on 06/08/2022(UTC)
Tony Peterson
Posted: 06 August 2022 18:06:11(UTC)
#6

Joined: 10/08/2009(UTC)
Posts: 2,178

Thanks: 1845 times
Was thanked: 3933 time(s) in 1297 post(s)
mba mba

It's "unfortunately" not "thankfully"

Even at the upcoming 8.5% change in tax on divs over 2k, dividends are so lightly taxed that we feel a bit guilty , especially as my pensions are still under my tax free allowance, at being required to contribute so little to the commonweal which has been so generous to us in the past, and the present too.


Back to top Quote
1 user thanked Tony Peterson for this post.
MBA MBA on 06/08/2022(UTC)
Easyrider
Posted: 06 August 2022 18:11:55(UTC)
#8

Joined: 09/11/2020(UTC)
Posts: 1,951

Thanks: 3499 times
Was thanked: 2612 time(s) in 1147 post(s)
I haven't received a tax form in years possibly since I retired from P/T employment when I was 66. I therefore don't declare anything.
Bliss!
My dividends are always well below the threshold and so are my capital gains outside an ISA. Adding up my dividends and interest etc. was a right pain when I had to do it.
Back to top Quote
2 users thanked Easyrider for this post.
MBA MBA on 06/08/2022(UTC), OmegaMale on 12/08/2022(UTC)
MBA MBA
Posted: 06 August 2022 18:11:57(UTC)
#7

Joined: 16/12/2012(UTC)
Posts: 1,725
Tony Peterson;233657 wrote:
mba mba

It's "unfortunately" not "thankfully"

Even at the upcoming 8.5% change in tax on divs over 2k, dividends are so lightly taxed that we feel a bit guilty , especially as my pensions are still under my tax free allowance, at being required to contribute so little to the commonweal which has been so generous to us in the past, and the present too.




the demographics of the western world are on your side (and soon my too)
Back to top Quote
1 user thanked MBA MBA for this post.
Tony Peterson on 06/08/2022(UTC)
+ Reply to discussion

Markets

Other markets