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Self Assessement

Company Directors -Self Assessment

I am aole Director of my own Limited Company.  My only income is the salary I take from my company through PAYE.

Do I have to apply for a self assessement even if not asked by HMRC

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17th Jul 2017 20:03

Do you have a tax liability not satisfied by the PAYE?

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to Tax Dragon
17th Jul 2017 20:59

No there is only Salary tax already paid

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17th Jul 2017 20:39

Not by virtue of being a director.

If you owe some tax - maybe. Is the tax deducted under PAYE correct ? (it's a rhetorical question - you needn't answer.)

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to lionofludesch
17th Jul 2017 21:01

In asking whether the PAYE was "correct" I assume you were not querying whether the code was operated correctly; you were rewording my question, I think.

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to lionofludesch
17th Jul 2017 21:02

Oh, having just seen how the OP answered my question, you may have been right to reword!

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to Tax Dragon
17th Jul 2017 21:05

Bit of both, actually.

Best to check these things.

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By KD1182
17th Jul 2017 20:43

Dividends will surely be drawn? If so, is tax payable?

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to KD1182
17th Jul 2017 20:51

He says not. Salary is his only income.

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to KD1182
17th Jul 2017 21:00

No dividends at the moment

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to Mike Day
17th Jul 2017 21:03

I take it you have a salary of less than £8164 then.

You shouldn't be paying tax at all on that level of salary.

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to Mike Day
17th Jul 2017 21:14

Oh Mike, you've fallen into the trap of responding. You're an accountant, aren't you?

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to andy.partridge
17th Jul 2017 21:19

Surely not !!

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By mrme89
to andy.partridge
17th Jul 2017 23:28

Good spot and good to see you around again, Andy.

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to Paul D Utherone
18th Jul 2017 08:56

I wondered the same, see his other posts.

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18th Jul 2017 10:49

is this where you plant your hand into your face....

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18th Jul 2017 11:04

All directors have to complete tax returns. It's mandatory.

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to Portia Nina Levin
18th Jul 2017 11:20

Section 15B(2A)(za)(i) of the Tax Return Act (with an exception for Harry Redknapp's dog in (ii)).

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to Tax Dragon
18th Jul 2017 11:32

There was no assertion that the dog was a director.

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to lionofludesch
18th Jul 2017 11:51

But were it to have become one, it would have been mighty awkward had it needed to complete a tax return. HMRC loves to bring in legislation in advance of changes, nothing ever after the event. FB(No2)2017 maintains that long-established principle.

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18th Jul 2017 12:53

Depending upon the level of income, don't overlook the interaction of student loans.

And, as regards the (initial) anonymous post, yet another reason why this aspect of Aweb should be outlawed. Bit daft to respond too, don't you think?

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to Chris Mann
18th Jul 2017 15:09

Presumably if student loan was at point it would all have been collected through PAYE, there being no divs, and there's no need to register just for the loan either (unless there's other non company income)...but that's been argued at length before as well.

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