As i have started investing recently, I have dividend income less than 2k and Capital gain less than 12.5k. But as I have a small amount of share in Commercial Property which distribute Property Income Distribution. Now as i am in 40% tax band under PAYE system, where do i have to declare this income to HMRC or it will be already notified by Freetrade ?
As currently the Property Income Distribution is less than 20£ i would not like to pay to external accountant. Any links related to that would be appreciated.
Here is a Twitter conversation with HMRC regarding this whole issue.
So in nutshell, for PAYE user who do not have to fill self assessment, you have to declare PID to HMRC and its taxable with no allowances. You can either declare it on your Personal Tax account portal or write to HMRC at “Pay As You Earn and Self Assessment, HM Revenue and Customs, BX9 1AS United Kingdom”