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