If you are a Director of a company, even if it’s not making an income, even if you’re not yet taking a salary, this post is for you…
It’s easy to think that assuming your salary is all paid via PAYE and that you have nothing left to declare that there’s no reason for you to fill in a Self Assessment Tax Return – WRONG! HMRC’s guidance is very clear and many people get caught out and receive fines starting at £200. Here’s a list of the categories you may fall into;
You’ll need to send a tax return if, in the last tax year:
HMRC are constantly changing the criteria of who needs to fill in self-assessment tax return and with MTD coming closer it’s only a matter of time before we’re all likely to need to do these regularly.
If you fall subject to one of these fines, it is possible that we can help. Although HMRC are the issuers of these fines and the makers of the guidance page, their guidance is not the law and therefore depending on your income sources there may be a way we can help you have the fines removed. However, getting a return filed is relatively painless and we can do them for you for less than the cost of the fine in the first place.
If you’re still not sure if this affects you, get in contact and we’ll help.
Based in London and the South, we’re happy to arrange for meetings using the facilities at our offices close to Canary Wharf and Worthing. We’re equally happy to come to you too if required.
Looking for other locations? We’re also experienced internationally, so you just need to let us know what you’re looking for.