Self assessment SA100
Discussion
Again thanks for all your posts so far.
If I knew I would defo get another dividend then I would start ploughing money into my pension. But, I then suffer a reduced income which will mean less to spend, and potentially all for nothing if I don't get another dividend. As for moving the date, that's totally out with my control I'm afraid. What I might do is ask for them to pay half next year,and then another half the year after but I don't know if that's possible. All the uncertainly is what's screwing me just now.
Can a trust be set up which it can be paid into and then that somehow used to help spread out the income? If that makes sense.
If I knew I would defo get another dividend then I would start ploughing money into my pension. But, I then suffer a reduced income which will mean less to spend, and potentially all for nothing if I don't get another dividend. As for moving the date, that's totally out with my control I'm afraid. What I might do is ask for them to pay half next year,and then another half the year after but I don't know if that's possible. All the uncertainly is what's screwing me just now.
Can a trust be set up which it can be paid into and then that somehow used to help spread out the income? If that makes sense.
Splitting the dates of the payment won't really work.
The date the dividend is issued by the company is the date that will be recorded as the date you received it, even if you asked for the payments to be spread over time.
If you look at any dividend voucher you will see that the date of issue of the dividend is always printed on it. That date is decided by the company and will be the same for all shareholders who are entitled to their dividend.
The date the dividend is issued by the company is the date that will be recorded as the date you received it, even if you asked for the payments to be spread over time.
If you look at any dividend voucher you will see that the date of issue of the dividend is always printed on it. That date is decided by the company and will be the same for all shareholders who are entitled to their dividend.
Thanks all for your help so far.
I have discovered one wee potential thorn for me, but maybe not.
The company is a family business. When they paid the dividend it was paid into the family trust which is administered by a local solicitor. They then divvy up the cash as per the trust agreement. So x amount to he owners, and y amount to me. It was done this way to ensure it was fair amd transparent etc.
So I got my money from he trust and not the company direct.
Does this make a difference to my tax and also how I declare it?
I have discovered one wee potential thorn for me, but maybe not.
The company is a family business. When they paid the dividend it was paid into the family trust which is administered by a local solicitor. They then divvy up the cash as per the trust agreement. So x amount to he owners, and y amount to me. It was done this way to ensure it was fair amd transparent etc.
So I got my money from he trust and not the company direct.
Does this make a difference to my tax and also how I declare it?
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