HMRC have announced that they will be writing to company owners to check that they have correctly reported their dividend income.<\/p>\n
Companies identified as having made a profit, but with depleted reserves, are targets as this may indicate that dividends have been paid.<\/p>\n
Although the letter takes the form of a \u201cnudge\u201d letter, a response is required within 30 days, either advising that there is nothing to declare, or advising that a disclosure is required.\u00a0 Failure to respond may result in a formal enquiry being opened.<\/p>\n
With all \u201cnudge\u201d\u00a0 letters we recommend that the Certificate provided by HMRC with these letters is not used to reply, as this has potentially serious implications if there is any inaccuracy in the disclosure.\u00a0 Any disclosure required should be made through HMRC\u2019s online Digital Disclosure Service (DDS).<\/p>\n
As the dividends allowance reduces to \u00a3500 from 6 April 2024, more people are going to fall within the tax charge.\u00a0 Any additional tax payable on disclosure will be subject to interest and penalties, although in most cases it should be possible to apply for penalties to be suspended.<\/p>\n","protected":false},"excerpt":{"rendered":"
HMRC have announced that they will be writing to company owners to check that they have correctly reported their dividend income. Companies identified as having made a profit, but with […]<\/p>\n","protected":false},"author":7,"featured_media":6993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_cbd_carousel_blocks":"[]","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,244],"tags":[],"class_list":["post-7086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cdemn-news","category-johnston-carmichael"],"yoast_head":"\n