company and directors tax return

ak100 · Post by **ak100** » Mon Dec 14, 2015 9:25 pm

hi thanks in advance .we are two directors (tier1 entrepreneur) last week our accountant has filed our first account return but said we both directors have to register as self employed to file our personal account return.now i have few questions to members of this very useful and informative forum and special those who have been faced similar issue

1) is it must to register ourselves as self employed in order to file our personal account return bcz we have got some salary and our business also made a small profit in first year?
2) why should we register for self employed while we are only working for our company and taking salary?

3) is there any other way to file our return without registering self employed?

Tier1newbie · Post by **Tier1newbie** » Tue Dec 15, 2015 10:19 am

Hello AK

If you are working as employees and getting paid on the monthly payroll then there is no need to be self employed.

If you are just working for your business and are not withdrawing any funds apart from the monthly pay that you get from the company then there is no need to be self employed.

ak100 wrote:hi thanks in advance .we are two directors (tier1 entrepreneur) last week our accountant has filed our first account return but said we both directors have to register as self employed to file our personal account return.now i have few questions to members of this very useful and informative forum and special those who have been faced similar issue

1) is it must to register ourselves as self employed in order to file our personal account return bcz we have got some salary and our business also made a small profit in first year?
2) why should we register for self employed while we are only working for our company and taking salary?

3) is there any other way to file our return without registering self employed?

ak100 · Post by **ak100** » Tue Dec 15, 2015 5:40 pm

Thanks for reply
It means we must have to register as self employed

ishfaqsangra · Post by **ishfaqsangra** » Tue Dec 15, 2015 10:35 pm

As a director of the limited company you should register for self assessment.

ak100 · Post by **ak100** » Wed Dec 16, 2015 12:09 am

thanks ishfaqsagnra

but when you try to register for self assessment they will ask you for your UTR and you can get UTR only when you have register as self employed

here is link : https://online.hmrc.gov.uk/registration/individual

http://www.futurelinkgroup.co.uk/payrol ... i-need-one

Tier1newbie · Post by **Tier1newbie** » Wed Dec 16, 2015 10:02 am

The basis of whether you should or should not register for self employment is if you have some income during the financial year for which you have not paid any taxes.

Eg. If you recieve any dividend or take out money from the company apart from the monthly salary that you are paid from the company, then you need to register for self employment and cile your self assessment.

Just confirmed this with my accountant as in my case I am just taking salary from the company as a director which is credtied to my account after deducting all the taxes and I have not taken any dividend from the company yet so I do not need to register for self employment.

ak100 wrote:thanks ishfaqsagnra

but when you try to register for self assessment they will ask you for your UTR and you can get UTR only when you have register as self employed

here is link : https://online.hmrc.gov.uk/registration/individual

http://www.futurelinkgroup.co.uk/payrol ... i-need-one

ak100 · Post by **ak100** » Wed Dec 16, 2015 9:16 pm

ak100 wrote:thanks ishfaqsagnra

but when you try to register for self assessment they will ask you for your UTR and you can get UTR only when you have registered as self employed

here is link : https://online.hmrc.gov.uk/registration/individual

http://www.futurelinkgroup.co.uk/payrol ... i-need-one

ak100 · Post by **ak100** » Wed Dec 16, 2015 9:20 pm

Tier1newbie

if you are getting your salary after tax from business account it means your company is registered for PAYE and director of a company consider as employee of the company if am not wrong.

Tier1newbie · Post by **Tier1newbie** » Thu Dec 17, 2015 10:21 am

ak100 wrote:Tier1newbie

if you are getting your salary after tax from business account it means your company is registered for PAYE and director of a company consider as employee of the company if am not wrong.

Yes, that is correct AK. so till the time you are just taking salary and working on NI, you do not need to register as you did not have any income outside of this. It is only when the company starts to make profits and hands out dividends etc that you need to register and pay taxes on the extra income. As a normal employee, I get my salary slips etc and so less hassle and paperwork and registering as self employed.

Personally I want to keep the case as simple as possible during extension so am going down this road. There are people out there who think that they can save some money by registering as self employed but then it increases the paperwork, yearly filings etc. And increases the chances in my eyes of making mistakes which I do not want for the next 3 years.

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