Tax dividends 'need to be brought forward soon'

09/03/2010 Tax dividends 'need to be brought forward soon'

Individuals who are going to be affected by the new 50 per cent tax rate should file their dividends before April 5th, according to one expert.

Richard Mannion, tax director at Smith & Williamson, noted that anyone who is planning to bring their payment forward needs to make sure they have all their paperwork in order.

Suggestions that HM Revenue & Customs may make changes to prevent this happening are unlikely to come true, he remarked, as this will be akin to "retrospective legislation and therefore not an easy option for the government".

For those workers considering doing this, it must be remembered that dividends are not taxed until they are considered paid - with Smith & Williamson stating this is "on the date when an enforceable debt is created and where there is no such debt, the date of payment".

The organisation recently announced that tribunals are accepting the recession as a valid excuse for failure to pay taxes.

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