LTD - Director self-assessment

The day you become a director, you are responsible for your own tax returns, and therefore you need to submit your self-assessment.

The significance of this is that in the UK – with some exceptions – submitting a tax return is normally not necessary.  The annual income is essentially the sum of the amounts included in the income documents (P45, P60, P11D, etc.). However, when someone becomes a director, it is very likely that there will be more income, such as dividends from the LTD. Adding up all these incomes is possible within the framework of self-assessment.

In case of self-assessments, it is not the Ltd’s tax year that counts, but the tax year of individuals. This fiscal year is always from the 6th of April until the following year 5th of April. Returns for this period need to be submitted by 31 January, the following year.

Please note that the self-assessment requires tax payers to list all incomes, even if there is no documentation of them. This includes income from investments, interest, dividend, real estate, etc…