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Post by woolybanana on May 21, 2023 13:41:54 GMT 1
Can some soul please tell me which box annexe box I have to use to declare share dividend income on the online tax form, svp.
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Veem
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Post by Veem on May 21, 2023 13:58:23 GMT 1
This is a first for me - to actually know the answer!!
Enter the dividend amount on 2042 2DC. Then enter tax credit amount of 17.7% in 8VL and it should work out the amount and automatically fill it in. Then you also need to fill in section 2-200 on 2047 and section 7 on 2047 too.
Good luck
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Post by woolybanana on May 21, 2023 14:20:32 GMT 1
Thank you veem, very much.
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Veem
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Post by Veem on May 21, 2023 14:21:58 GMT 1
You are most welcome. I know how it feels to be completely at a loss over where something has to be entered.
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Post by mangetout on May 21, 2023 14:24:57 GMT 1
This time of year is a nightmare isn't it.
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Veem
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Post by Veem on May 21, 2023 14:33:14 GMT 1
And I'm a great one for putting off something unpleasant for as long as I can until the pressure is awful and I'm a total wreck before I start. Then I get a sort of brain paralysis at the first challenging part. Thank goodness, this year it went better than expected.
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Post by woolybanana on May 21, 2023 14:33:30 GMT 1
That is an understatement! Fortunately I am on my own as the air is blue.
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Veem
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Post by Veem on May 21, 2023 14:35:25 GMT 1
Don't be afraid to ask on here. People have been enormously helpful to me in the past.
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Post by taffy on May 21, 2023 19:54:58 GMT 1
This is a first for me - to actually know the answer!! Enter the dividend amount on 2042 2DC. Then enter tax credit amount of 17.7% in 8VL and it should work out the amount and automatically fill it in. Then you also need to fill in section 2-200 on 2047 and section 7 on 2047 too. Good luck I've been perplexed with this one for several years & have been declaring dividend income, as you have said, in box 2DC on 2042 but then only in box 220 on 2047 claiming the 40%. As far as I am aware there is now no tax deducted from UK dividends so I have not entered any tax credit of 17.7%. Maybe I've got it all wrong, but the input has never been corrected/queried by the impots office - perhaps it's de minimus and not worth them bothering. |
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Post by woolybanana on May 21, 2023 21:21:54 GMT 1
I’ve wanted to know that too, Taffy.
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omegal
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Post by omegal on May 21, 2023 21:41:26 GMT 1
I am always astonished that some of you can't find help at a reasonable cost to fill in your Impots return? Since retiring from running our own business we found a person who does our tax returns at a very reasonable cost. Saves a lot of time and trouble....
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Post by mangetout on May 22, 2023 6:23:10 GMT 1
Is it an accountant, or just someone who is knowledgeable? And what's a 'reasonable amount' if you don't mind me asking.
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Veem
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Post by Veem on May 22, 2023 7:59:50 GMT 1
woolybanana I am sorry if I've given you false information especially since I was so sure I was correct! In Isabel Want's guide, she still advises what I said before, but that could of course be an error.
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Veem
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Post by Veem on May 22, 2023 9:48:20 GMT 1
I double checked with Isabelle. This is her response:-
Nothing has changed. It is still 17.7% as per the 2047.
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Post by elsie on May 22, 2023 10:50:27 GMT 1
You also need to consider box 2OP. By default, all dividend and other capital income is taxed at a flat rate of income tax (12.8%) and social security contributions (7.5% if you have an S1 otherwise 17.2%). If your marginal tax band is lower than 12.8% you should tick box 2OP so your dividend and other capital income is taxed at your marginal tax band. If your marginal tax band is higher than 12.8% you should make sure box 2OP is not ticked.
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