Quick Help on Tax Return?

[NotQuiteCockney]

I am trying to do my 2005/2006 tax return (I know, I know).

I had two sources of income for the year. One was some amazon sales, which I guess goes under self-employed? (was a risible amount)

The other was money I transfered out of a company I used to run, while shutting it down. It was a ltd company, I owned all the shares. Where does this go? I want to put it under 'dividends' but am not sure that makes sense?

(It all adds up to not enough to pay tax on, I'm pretty sure, so I'm not bothered about the most tax-efficient way to do it, I just want to do it correctly!)

I'm not a tax accountant so don't rely on me totally

Strictly speaking if you are selling on amazon as a trade you should be registered for tax as a sole trader. If it is just disposing of household stuff then you do not need to declare it. The dividing line will be whether you are buying in goods specifically to sell, or whether you are just selling your own personal effects.

As for the company - yes, it should be declared as dividends, it is a distribution made to you in your capacity as a member (shareholder) of the company.

HTH

oh feel for you...

hopefully someone with know-how will be along asap.

I think as long as I act in good intention, then this is fine.

The stuff on amazon is personal stuff. It's not a trade. The total income for the year is well under £100. Happy to leave it out, then.

Ok, if it's dividends, it must be "Dividends and other qualifying distributions from UK companies", right? But what's the tax credit? I'm pretty sure I didn't pay any tax on the dividends, as a company, so presumably I have to pay as an individual?

Dividends paid from a listed company have basic tax deducted from them before being paid over, so you have to get credit for that amount of tax when putting it on your form.

If you have not deducted tax at source then you just write nil in this box.

Yes, leave out the amazon stuff.

Ah, I found an email from the accountants saying the actual dividend was lower than what I transferred over. Presumably the tax credit is involved there somewhere. I will go with what they said.

God I'm glad to be done with this company business.

thanks!

Just to make this all more fun, I accidentally filled in my tax return for 05/06 online, rather than 04/05 (which was late), back in July.

I spoke to them on the phone, at the time, said, ack, don't take that, please remove it.

I logged in tonight, to find the false 05/06 stuff is still there.

So I've sent them an email saying "ack". And will mail in my forms with a letter saying "ack".