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: -
- Employment income
- Dividend income
- P11D expenses and benefits
- Interest on the loan given to the company
In addition to the above, directors can also have many other sources of income like normal taxpayers such as:-
- Rental income
- Pension income
- Dividends from other companies etc.
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.
Here at ZahTax, we will take the stress off you and advise you on:
- Calculating the tax payable on your income
- How to minimise your payments on account for the following tax year
- Completing your tax return using HMRC approved software
- The amount of the tax liability which needs to be payable to HMRC and when it3
is due. Also if HMRC deduct too much tax at source, we can arrange for the refund to be credited directly to your bank account.
Please call us on 020 8330 3167 or email us on info@zahtaxaccountants.com for a fixed fees quote.
