A Self-assessment form ultimately details the calculation of one’s own taxable liability, otherwise known as a Personal Tax Return. If you are a company director you are required by law to complete and submit a self-assessment annually to HMRC stating your income, capital gains, and any tax allowances or reliefs, i.e. expenses.
So does this affect a Director of a Limited Company?
Yes, this rule also applies to Directors of Limited Companies. Self-assessments for Directors of Limited Companies will not include any financial details of the Limited Company itself (such as turnover or corporation tax), but will show the drawings taken from the company by the Director (such as salary and dividends) as well as any other income or expenses applicable throughout the defined tax year for the individual themselves.
This may include, for example, income received from savings, investments or properties outside of any relation to the individual’s Limited Company.
For more information please call our Personal Tax Team on 01707 871610 (option 2) or request a call back.