Income Tax on Dividends
Posted: January 17th, 2020, 3:25 pm
My wife's only taxable income is dividends on investments held outside her ISA. This year her income from dividends will exceed the annual allowance of £2,000 and she will therefore be required to pay a small amount of tax, around £200.
She is not required to make a tax return and the HMRC website states that she should "tell HMRC by: contacting the helpline; asking HMRC to change your tax code - the tax will be taken from your wages or pension; or putting it on your Self Assessment tax return, if you already fill one in.
Of these, the first option is the only one viable. Even then, it's not attractive. Does anyone else do this? Can she simply send a cheque?
She is not required to make a tax return and the HMRC website states that she should "tell HMRC by: contacting the helpline; asking HMRC to change your tax code - the tax will be taken from your wages or pension; or putting it on your Self Assessment tax return, if you already fill one in.
Of these, the first option is the only one viable. Even then, it's not attractive. Does anyone else do this? Can she simply send a cheque?