Tax Calculation Help 2014

A question about : Tax Calculation Help 2014

Please can someone help. I have looked at tax calculators but they dont seem to help due to the income mix. Trying to forecast a tax calculation for 2014 to 2015.

Person 1
Salary 10800
Gross Interest 1200
Gross Dividend 28000
Rental Profit 5500
Total is 45500

Person 2
Salary 7692
Gross Interest 1000
Gross Dividend 34300
Rental Profit 5500
Total is 48492

If the total gross dividend earned for both people (per above numbers) is Ј62300, will the dividend actually received in total be Ј56070?

Thank you.

Best answers:

• Assuming that these are UK dividends we are talking about then yes the amount received will be Ј56,070, being 90% of the gross. However, if you are talking about the net amount after the additional tax payable, then that's a different matter.
• Thank you for replying.
  How can I work the total tax out for both people?
  Tried the tax calculators but not helping or maybe
  I'm too thick!
• Dividend income is deemed to be the top slice of income and so in both cases most of the dividend will be taxable at the 10% notional tax credit already 'paid', with the amount over Ј41,865 taxable at 32.5% (so another 22.5% to pay after the 10% credit).
  Hope that helps. NB: I have assumed both people are UK residents and entitled to the Ј10,000 personal allowance (as UK nationals, for example).
• Thank yiu
  How do I calculate the total tax to be paid?
• So for Person 2, it will be :
  Ј14192 -Ј10000= Ј4192 * 20% = Ј839
  Ј41865 - Ј14192= Ј27673
  Ј27673* 10% = Ј2767
  Ј6627*32.5% = Ј2154
  So person 2 total tax will be Ј5760 (with some already deducted at source)
  Is that right?