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Payments on account re dividend income due in 2019-20

13/05/2019 11:03:26
Hello
I did not receive any dividend income for 18-19 and my draft tax return does not indicate that I need to make a payment on account in Jan. 2020 re 19-20, however I have recently received dividend income and want to avoid paying interest if I do not pay the tax on time.
Could you let me know how I notify HRMC that I will need to make a payment on account in January 2020 of the tax due on dividend income received this month? Also to avoid interest on overdue tax should I make the payment on account now or is it okay to wait until January 2020 to make the payment.

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Re:Payments on account re dividend income due in 2019-20

14/05/2019 11:52:39
Hi,

If you received the dividend income in tax year 2018/19 you would need to amend the return to declare the income you received.

If your tax liability is more than £1000 a payments on account will be created.

You would only incur interest if you did not pay the tax on time.

The payment date for 2018/19 is 31 January 2020.

If you received the dividend income after 6 April 2019 - this would fall into the 2019/20 tax year and be declared on the return for 2019/20.

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