Dividends are returns paid to company shareholders once profits have been made. Much like other income types, an individual receiving dividends from a UK company will need to file tax personally.
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As a UK shareholder, once you have received your dividend, you will most likely need to pay further tax. This largely depends on your total earnings, including income such as salaries and pensions, as well as any income acquired from bank accounts.
Dividends received from your own company or a public limited company are all taxed at the same rates. Furthermore, dividend allowance is something that can affect the amount of tax due – this can be broken down into additional tax payable according to basic rate, higher rate and additional rate.
Getting all the numbers right when you’re filing tax return as a UK shareholder is absolutely critical. There is no need for guesswork when you can hire the services of a qualified and accredited accountant who can guide you through the vast minefield of tax filing. Our accredited accountants will let you know how much tax you owe, along with filing and submitting it to HMRC on your behalf.