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FLRM Self Employment and Director of own company

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neosunshine
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Posts: 1
Joined: Mon Mar 12, 2018 7:40 pm
United Kingdom

FLRM Self Employment and Director of own company

Post by neosunshine » Mon Mar 12, 2018 8:07 pm

I am an employee and director of my own Private Limited company and I take £8000 annual salary and £12000 annual dividends. My spouse also takes £8000 annual salary. My company's tax is due end of March every year.
I will be applying for an extension of my spouse in Feb 2019.
  • 1. Which Category I belong to Category C, F or G?
  • 2. The financial year of my Company and Self-Employment Tax Return are different. According to Page 59 of the guidance document https://www.gov.uk/government/uploads/s ... inal.pdf
    If a person has different financial years, e.g. because they are both self-employed and a
    director or other employee (or both) of a specified limited company, their income from
    the self-assessment tax return and Company Tax Return financial years cannot be
    combined to meet the financial requirement. Including income from differently based
    financial years would not be a fair or accurate way of calculating a person’s annual
    income. This restriction also applies where a person and their partner have income
    based on different financial years: the application must rely on both partners’ eligible
    income in the same financial year(s).
    What does this actually mean? I cannot use my salary and dividends towards the requirement as my company and self-employment years are different?
  • 3. The most recent financial year in this case would be March-2017/March-2018 ? As 2018/2019 financial year wouldn't have completed. Will it be enough to submit almost a year old documents as I will be applying in Feb 2019?
  • 4. Would you be able to give a list of all documents that needs to be submitted?

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