Showing results for tags 'booboo'.
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For FY 2010-2011 I was a contractor and the director of my own Ltd company paying myself a £12k annual salary. On top of this, I paid myself a couple of thousand in dividends each month. On the annual tax credit returns form I failed to specify the dividends because I received some lousy advice from a tax credit officer to say that I do not need to declare these. It all sounds incredibly silly now but it was all new to me at the time and I didn't challenge as well as I should've, combine this with the fact that the "Other Income" box on the form mentions pretty much everything except for dividends. It could be she misunderstood the question but the answer, and I remember it vividly, was that I do not need to "worry about this". I even remember telling my wife about it at the time and we were both very surprised. If there is a recording of the phone conversation then I'm sure I'm covered and correct about what I heard. About 6 months after the FY ended and after I submitted my company accounts (which of course clearly showed the dividend payments), I became very uncomfortable with the idea that I didn't need to "worry about" my dividends, so I called the support line again only to hear them confirm what I feared. So right there and then I declared that the income information provided for FY 2010-2011 was wrong and needed a major update of around some £30k! I explained the situation and was told that as the correction was for the previous period, it could take up to 3 months for someone to look into this and fix. I've chased them up twice and every time I call they do not seem concerned and have no appreciation of my desire to fix the mess. It's now 8 months on and nothing has been done. At the very least I would've expected them to drastically reduce current payments. So, what do I do about this as I'm not getting anywhere with an update? I hate things like this occupying my mental state and the current system offers no feedback or case update. I really wouldn't want them to write to me in 3 years accusing me of fraud once they've linked the director dividend payments with the declared income for that year!
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