Self Assessment Tax Returns for Limited Company Directors - An Overview

Published on 27 January 2021 at 08:00

 

As a Limited Company Director you are a separate legal entity from the Limited Company for tax purposes. Therefore, an annual self assessment tax return is required to record;

  • Any dividends paid to you by the limited company during the tax year. 
  • Any payroll processed  and paid to you during the tax year including tax paid via PAYE. 

 

In addition, your self assessment return records other income that may not be connected to your limited company such as; 

  • Rental Income. 
  • Pension Income. 
  • Any self employed work outside of your limited company such as consultancy. 
  • Allowable expenses such as personal pension contributions. 
  • Income from other limited companies.

 

Record Keeping

You should keep the following records to complete a directors self assessment tax return; 

  • Dividend Vouchers and statement showing total dividends paid to you during the tax year. 
  • Copy of your P60 which shows your total income, tax paid via PAYE and net payments to you during the tax year. 
  • Details of any pension contributions via the limited company. 
  • Invoices and expenses for any self employed work completed outside of the limited company. 

 

Deadlines and Other Information

For self assessment the tax year runs from the 6th April to the 5th April the following year. Deadlines for paper self assessment returns are 31st October (6 months and 25 days) and 31st January for online self assessment returns (9 months and 25 days). 

You will require a personal unique taxpayer reference (UTR) number from HMRC to complete the self assessment return. This is a ten digit number which you will receive in a letter from HMRC when registering for self assessment. 

 

For further advice and guidance you contact me either by email at will@matrixaccountancyservices.com or by phone on 07914 794744

 


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