All company directors are required by law to file an annual tax return with HMRC once a notice to file has been issued.
Directors can receive income from their limited companies in the form of one or more of the following sources: –
In addition to the above, directors can also have many other sources of income like normal taxpayers such as:-
Directors and individuals who are in receipt of any untaxed income must register themselves with HMRC in order to file their self-assessment tax return.
HMRC need to be notified of any liability owed for the current tax year by 5 October following the end of that tax year to avoid any penalties.
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