Tax Code Notice

[Bazile]

Just received tax code notice 

It mentions untaxed interest .

However there is no mention of share dividends .

Do i need to do anything ?

[newmodarmy]

I believe you do have to notify them of dividends (as opposed to interest, about which they are told by the bank). I'll look later to find where I saw it

[davebro3]

as previously - if you haven't told the about dividends they won't know about them, so how could they mention it?

[Bazile]

I thought that the company paying the dividend also informed HMRC - Just like banks and building societies inform them of how much interest you have earned ?

[newmodarmy]

https://www.gov.uk/tax-on-dividends/how-to-report-tax-on-dividends#:~:text=If%20you%20already%20file%20a,April)%20and%20before%205%20October.

[DocHH]

Bazile,  not yet, you should receive a tax return form soon. When you read through that you will find "boxes" to fill in which are titled "taxed or untaxed interest", also "boxes" to fill in titled Dividends.

Each Building Society, where you have funds should send you details of interest accrued, and each Company you have shares in should send you details of dividends paid to you, whether by cheque or directly into your bank account. You will need to add up all those figures then enter them into the appropriate boxes on the tax form. No need to fret too much yet, just wait for the tax form.

It will also ask about other sources of income, Rental etc, plus if if you need to claim any other tax allowances. It is all quite simple and nowhere as daunting as this post may make it sound. 

There is also a section to fill in if you owe extra tax, it will ask if you wish it to be collected by adjustment to future tax coding, or if you wish to pay it directly. It will also ask how you wish to be paid any tax overpaid, and where it should be paid to.

My advice is to sit tight and wait for the tax return form to arrive, don't panic yet!!

[newmodarmy]

I have not had a tax return to complete for about the last 20 years. I used to get one every year. My tax affairs are complicated with nearly ten sources of income plus bamk interest well in excess of the threshold and some higher rate tax to pay, but I still don't get a tax form, it's all done via an online tax account. 

So I'm not sure whether it's right to wait for a tax return. The HMRC  site says it's the taxpayers responsibility to notify HMRC

[Bazile]

I've had my tax code adjusted in the tax code notice 

Is there anywhere I can check to see what the figures are for the amount of income that HMRC has based their calculation on ?

[Canary42]

Regardless of whether or not the payments are advised to the HMRC by the payer, it is still your responsibility to include all such payments on your tax return. 

[Gizmonster]

If you've earned less than £500 in dividends, you should pay no tax.

Take a look here:

https://www.gov.uk/tax-on-dividends

[davebro3]

That's all very well canary but what if using the revenue on-line questionaire tells you that you don't need to make a tax return?

[Bazile]

It says to check the information to see if you think it's right or wrong .

How can you do that  if they don't show you the   calculation  and what information they have used in the calculation ?. Hence my question at 2134 above 

[chelle7272]

Set up a personal tax account online with HMRC, you can check all your information there.

[davebro3]

I think it's become very confusing - dunno if it's deliberate or simply as a result of computerisation. And I worked in the revenue for 20 years - it was paper-based then.

[davebro3]

btw - I do have an on line account with HMRC. It says I paid the right amount of tax in 2022/23 (I know that I underpaid) and that 2023/24 hasn't yet been calculated.