Changes are in the pipeline for how business owners will need to disclose their dividends and is expected to come into effect from April 2025.
The change is reported to be to minimise tax evasion and improve tax compliance. The new rules affect those associated with owner-managed businesses.
What are the changes?
Business owners will need to provide a detailed breakdown of their dividend received through their self assessment tax return. The information to be provided will include the amount of dividends, segregating those received from their owns businesses from those received from other sources. The percentage shareholding in your business will need to be specified.
Penalties may be chargeable for those failing to comply.
Please ask a member of our team if you have any questions on this topic.
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