Self assessment / Tax returns
Submitting a tax return is mandatory if you have a live account with HM Revenue and Customs (HMRC), regardless of whether you've had self-employment income. Failure to submit a tax return can result in penalties.
Who Needs to Submit a Self-Assessment?
- If you are a company director.
- If you're abroad, it may take up to 21 days.
Tax Year and Submission Deadline:
- The tax year runs from April 6 to April 5 consistently.
- Submit your tax return to HMRC by January 31 to avoid penalties.
Self-Assessment Tax Return for Company Directors
As a company director, completing a Self-Assessment tax return is essential to accurately report your personal income to HM Revenue and Customs (HMRC). At LDN Financial , we specialize in assisting directors with their tax obligations, ensuring compliance and peace of mind.
Our Self-Assessment Services for Directors:
1.
Registration Assistance:
We help you register for Self-Assessment with HMRC, ensuring you meet the registration deadline of 5 October following the end of the tax year.
2.
Comprehensive Information Gathering:
- Collecting all necessary details, including your salary, dividends, and other income sources.
- Organizing records of allowable expenses, pension contributions, and charitable donations.
3.
Tax Return Preparation and Filing:
- Completing your tax return accurately using HMRC’s online service or the paper form SA100.
- Reporting your salary, dividends, and any other income, along with eligible expenses.
- Ensuring all deductions and allowances are applied correctly to minimize your tax liability.
4.
Timely Submission:
- Submitting your tax return by the online deadline of 31 January or the paper deadline of 31 October, following the end of the tax year.
5.
Tax Payment Management:
- Calculating any tax due and ensuring it is paid by 31 January following the end of the tax year.
- Managing payments on account, due by 31 January and 31 July, to cover future tax liabilities.
Key Benefits:
National Insurance Contributions (NICs):
Guidance on Class 1 and Class 4 NICs for directors.
Dividend Allowance:
Expert advice on dividend allowance rules to optimize your tax position.
Expense Claims:
Assistance in claiming allowable expenses to reduce your taxable income.