I was just wondering if share dividends need to be grossed up for the purposes of a tax return please? When calculating the tax that is due, do I include the gross amount of share dividend - for the tax band the person is currently in? Or do I leave it out?
If the net figure for share dividend is used, then why do I include the gross figure for bank interest?
If I want to work out what income tax bracket the person falls into, would I include into my calculations the net figures for both share divs and bank interest or the gross figures?
On the SA forms, you only put the net figures for both interest and dividends.
If you are working out the tax bracket for someone, use the gross figure added to all their incomes less the annual allowance. I must say they must have a huge interest/dividend income to make much difference though.....
Thank you for your help. I've put the net for both, and that makes sense.
It doesn't make a huge difference, but it's enough to change things very slightly as they are only just into the 40% tax bracket. Thanks very much for your help, it's much appreciated.
Calculating the important abstraction is a stumbling block to consider. There are some individual who are not mathematically blessed and number haters. However, building a certain math skills is still necessary even just the simple calculations for you to determine that your finances is working properly. Your search is over, all the info you need is at Match Financial!
Calculating the important abstraction is a stumbling block to consider. There are some individual who are not mathematically blessed and number haters. However, building a certain math skills is still necessary even just the simple calculations for you to determine that your finances is working properly. Your search is over, all the info you need is at Match Financial!
Totally inappropriate - its SPAM! Building certain English grammar skills are a necessity!
-- Edited by Cheshire on Saturday 18th of October 2014 12:39:39 PM
-- Edited by Cheshire on Saturday 18th of October 2014 12:41:31 PM
-- Edited by Cheshire on Saturday 18th of October 2014 01:16:06 PM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
