Dividens

Discussion in 'Accounts & Finance' started by Roger Nixon, Sep 7, 2019.

  1. Roger Nixon

    Roger Nixon UKBF Newcomer Free Member

    1 0
    Hi All,

    Just a quick one, if my company accounts run until 30/11/2019, would I pay myself dividens after that date, or does it have to be paid within the financial year of the business, I was thinking of paying the corp tax and then paying myself the tax free £2000.


    Thanks very much
     
    Posted: Sep 7, 2019 By: Roger Nixon Member since: Sep 7, 2019
    #1
  2. BeanCounter101

    BeanCounter101 UKBF Newcomer Free Member

    20 2
    If I hadn't already used my 2018/19 dividend allowance the I'd backdate the dividend to 31.03.19 so that it falls in the tax year to 05.04.19.
    If you make the dividend after 06.04.19 it will use your 2019/20 dividend allowance, and you will lose the 2018/19 allowance (unless already used).
     
    Posted: Sep 7, 2019 By: BeanCounter101 Member since: Aug 20, 2019
    #2
  3. TheCyclingProgrammer

    TheCyclingProgrammer UKBF Regular Free Member

    1,097 222
    Advising others to commit tax evasion by fraudulently backdating dividends is possibly not the best advice.

    https://www.contractorcalculator.co.uk/backdating_dividend_payments_trouble.aspx

    OP - you can declare dividends whenever you want so long as your company has sufficient retained profits. How they are taxed depends on the tax year they are declared in, not your company financial year.
     
    Posted: Sep 7, 2019 By: TheCyclingProgrammer Member since: Jul 15, 2014
    #3
  4. BeanCounter101

    BeanCounter101 UKBF Newcomer Free Member

    20 2
    Pretty sure I said what I would do. What the OP should do is seek professional advice.
     
    Posted: Sep 7, 2019 By: BeanCounter101 Member since: Aug 20, 2019
    #4
  5. PCD

    PCD UKBF Newcomer Free Member

    23 3
    Incredible! An accountant (?) who is prepared to admit that they are prepared to commit tax fraud on a public forum!
     
    Posted: Sep 7, 2019 By: PCD Member since: Sep 24, 2015
    #5
  6. BeanCounter101

    BeanCounter101 UKBF Newcomer Free Member

    20 2
    Gosh, no, not an accountant. Advice I had been given by accountants - and not just one. I’d assumed professional advice I’d previously paid for would’ve been correct.
     
    Posted: Sep 7, 2019 By: BeanCounter101 Member since: Aug 20, 2019
    #6
  7. PCD

    PCD UKBF Newcomer Free Member

    23 3
    Sorry to assume but I was going by your profile which shows you in accounting /finance.
     
    Posted: Sep 7, 2019 By: PCD Member since: Sep 24, 2015
    #7
  8. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

    4,652 778
    no - tax year they are paid in, declaration date can be different to paid date.
     
    Posted: Sep 8, 2019 By: UK Contractor Accountant Member since: Sep 18, 2013
    #8
  9. STDFR33

    STDFR33 UKBF Big Shot Free Member

    3,924 997
    You're a liar.
     
    Posted: Sep 8, 2019 By: STDFR33 Member since: Aug 7, 2016
    #9
  10. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,763 2,365
    @Roger Nixon you can pay dividends whenever you wish but you must always make sure your company has enough after tax profit to pay them.

    Are you using software or an online system which enables you to ascertain the company profits before the financial accounts are prepared each year?
     
    Posted: Sep 9, 2019 By: MyAccountantOnline Member since: Sep 24, 2008
    #10