janncorbs wrote:PLEASE HELP
For part of my earnings period I had a limited company. I was the sole share holder. I had a firm of accountants doing the financial side.
On my payslips there are amounts for :
Total Earned (amount that I was contracted out for (incl tax)
Gross Salary (nominal amount so i paid less tax)
Company Profit
Corporation tax (tax paid)
Net Dividend
There were no expenses claimed.
What amount do I use to claim the previous earnings points on??????
If you need more information to help me just let me know!!
Also what documents are essential to submit!???
thanks
Jann
I use to have a limited company that i wound up recently. Your income for the year would be, the wages that you were drawing from your company plus any dividends that you took from the company. These two figures go on your self assesment, hence this would be your yearly income. The company profits are taxed as corporation tax. I dont know abt what shud happend in your specific case, but i can tell you if someone asked how much i was worth in a given financial year, i would tell them the figure in my self assesment return ( that would include both my wages and dividends) and i would also say that I am director / shareholder of ABC company that has made a profit of X amount. To prove all this, I will show my self assesment return papers, plus corporation tax return papers, both backed up by other proofs such as bank statements etc.
