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I declared too little dividend income in previous tax return...can I declare it now and pay without penalty?

Eck
Posts: 24
Joined: Fri Oct 11, 2013 12:14 pm

I declared too little dividend income in previous tax return...can I declare it now and pay without penalty?

Postby Eck » Sun Sep 03, 2017 7:44 pm

My affairs haven't been in the best order and our business has now gone bust.

I have had to go thru business records in some detail for the liquidator and realised in doing so that I have not declared the correct dividend amount for the year ended April 16. I declared dividends of 20k when it should have been £40k.

What do i do? Can i let HMRC know and pay the tax that would have been due without penalty? It's surprising to me that they didn't find out and come chasing before now. But in light of all the other disasters happening to me right now I really want to get the personal tax side of things straight.

bd6759
Posts: 2340
Joined: Sat Feb 01, 2014 3:26 pm

Re: I declared too little dividend income in previous tax return...can I declare it now and pay without penalty?

Postby bd6759 » Sun Sep 03, 2017 9:18 pm

You are still within time to amend your 2015-16 tax return. Just do it.

Eck
Posts: 24
Joined: Fri Oct 11, 2013 12:14 pm

Re: I declared too little dividend income in previous tax return...can I declare it now and pay without penalty?

Postby Eck » Mon Sep 04, 2017 8:44 am

Thank you. How do I amend is it something I can do online myself? I prefer not to have to pay an accountant as money is tight. Thanks


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