Personal Tax Return

Any untaxed income is declared to HMRC by completing a self assessment. Normally employees have their tax deducted by their employers and the tax is then paid over to HMRC on their behalf. When an individual charges for services and no taxes have been deducted, this income needs to be declared on a personal tax return as untaxed income and the tax needs to be paid over to HMRC.

Personal Tax Return

What does the personal tax return consist of?

Many directors will take a salary from their company on a monthly basis and a dividend at the end of the year.

As a company director, any income which has not been taxed at source, such as the dividend payment, needs to be declared to HMRC and the taxes need to be paid on this amount.

If the director does not have a Unique Taxpayer Reference, he or she will need to register with HMRC to be able to complete a self assessment (personal tax return).

I am a company director, do I need to file a personal a tax return?

If you have received a dividend of more than £2,000, then you will need to declare this on your personal tax return as untaxed income.

When is the deadline to file a personal tax return?

For the tax year 6 April 2018 – 5 April 2019, the standard deadline is 31st January 2020

What happens if I file late?

Missing your filing deadline incurs the following penalties:

1 Day Late                  £100

3 Months Late          Additional £10 a day

6 Months Late          Additional 5% of unpaid tax or £300

12 Months Late         Additional 5% of unpaid tax or £300

Tax Return Due Soon?

We can file returns within 5 working days.
Call us on 020 7515 5883 to discuss

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