Tax Returns for Directors

It’s mandatory for a director to file a tax return with HMRC if a return has been issued. If a Director has a tax liability for certain tax year of assessment, they must notify HMRC by 5th October following the end of the year of assessment or face tax return penalties.

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Tax Returns for Directors

Do I have to file self assessment tax returns if I'm a Director?

HMRC's rules say that almost all company directors have to use the Self Assessment system to file their tax returns. The only exceptions to this are directors of non-profit organisations. Even then, they still have to claim if they got any pay or other benefits from the position.

There may be occasions where HMRC sends you a demand for a Self Assessment tax return and you don't know why. If you're not sure what the demand's about, never ignore it. If the taxman wants you to file a return and you don't, things get ugly in a hurry. Talk to RIFT if you're not sure what's happening.

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Director Tax Return

Can I bring down the amount of tax I owe?

Company directors have a couple of ways of lightening their tax load. Most obviously, like anyone else using Self Assessment, they may have allowable expenses to claim. Claiming tax relief on your expenses is the key to making sure you aren't paying too much. It's not the only thing to consider, though.

Depending on how your company is set up, you may be a shareholder as well as a director. In this case, you can make your tax set-up more efficient by taking some of your pay as dividends. Getting the balance right can be tricky, so it's best to get professional advice. Talk to RIFT for help with this.

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Director Tax Returns

Do I still need to do a tax return if I haven't got an income from my company?

Technically, if you don't owe any tax and HMRC hasn't sent you a demand for a tax return, you may not have to file one. In practice, though, the rules are complicated and not always interpreted the same way. Generally, it's always better to play it safe when dealing with HMRC. Again, talk to RIFT if you're not sure what to do.

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Tax returns for Directors

Can I get help with Self Assesment?

Absolutely! RIFT are the UK's leading tax experts and our specialist Self Assessment tax return service can solve all your tax return problems.  We can advise on your business' set-up, track down your allowable expenses and file your returns for you.  We'll save you money and keep you on the right side of HMRC.  Get in touch to see how we can help.

Need more help?

Wondering if you can claim a tax refund or need to submit a tax return? Use our online tools to find out if you're owed money by HMRC.

Do I Qualify?

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