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  • RE: Tax on saving interest and dividend

    I has a follow up enquiry about the priority of using the personal allowance (12570), is it start from "salary>saving interest>dividends>any other"? Or depend which final tax result is smaller? I am appreciated if you can provide the documentation description? For example in 2023 to 2024 tax year: saving interest is: 15570 dividends is: 3000 Does below Method I calculation correct? 12570 (personal allowance) - 3000 (dividends) =9570 (remaining personal allowance) 9570(remaining personal allowance) + 5000 (starting rate of saving) + 1000 (personal saving allowance) - 15570 (saving interest) = 0 Therefore, no tax has to pay. Or method II: 12570(remaining personal allowance) + 3000 (used 3000 out of 5000 starting rate of saving) + 0 (used 0 out of 1000 personal saving allowance) - 15570 (saving interest) = 0 3000 (dividends) - 1000 (dividends allowance) = 2000 Final tax is 2000*8.75%
  • RE: interests , dividend calculation

    Excuse me, may i know why 5000 starting rate of saving is not included in calculation 2? The salary is 12570 and i expect there will be 5000 starting rate of saving for saving interest.
  • miss understanding self-assessment result and miss submit tax return

    Hi, my friend moved to UK on Jul-2022 and confirmed he could apply split year as he had salary only before had moved to UK. Since he did not work in remaining period of 2022-2023 tax year and self-assessment result was "do not need to send a self assessment tax return", he simply did nothing then. Recently, it is found that the correct procedure is submitting a paper form of tax return and split year form for 2022-2023 tax year . Is it right? What should my friend do? Re-submit tax return for 2022-2023? Any penalty? Thank you very much.