Company Directors

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.