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Tax Code for 2019/20
by bannisterfletcher at 11:15 20/11/19 (Ask-Legal-Accounting)
HMRC have added non PAYE'able items, untaxed interest and dividend, to 2019/20 tax code.
I recently submitted my 2018/19 SA Return. Amongst it's contents were;

1. A small amount of untaxed interest, well below 1000 threshold. And,

2. Dividends that exceeded 2000 threshold.

I have now received an amended code for 2019/20. That will control PAYE payable by 5 April 2020. HMRC have deducted both items in full from my allowances.

a. The small amount of interest, if repeated, is below the threshold and should attract no tax at all.

b. The tax on any future dividends is not due until 31 Jan 2021 and nothing to do with PAYE.

Are HMRC correct to apply what looks like a sharp practice ?



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