One common question we often hear is: Do company directors still need to submit self assessment tax returns?
🤔 The Answer: It Depends!
🔹 Yes, if:
- You have untaxed income such as dividends, rental income, or income from savings and investments.
- Your income exceeds £150,000 per year.
- You or your partner receive Child Benefit and your income exceeds £50,000.
- You have dividends exceeding the £2,000 dividend allowance.
🔹 No, if:
- All your income is taxed at source, and you have no additional income to report.
- HMRC has informed you that you are not required to submit a return.
It’s crucial to assess your individual circumstances and ensure compliance to avoid penalties. Effective tax planning and financial planning are essential components of maintaining compliance.
We at Bowdon Accounting Services offer strategic finance support to help you navigate your self assessment and tax return requirements. Our team is dedicated to providing clear, timely advice tailored to your unique situation. If you would like to schedule a discovery call, don’t hesitate to reach out for an instant quote.
