HMRC require a director to complete a self-assessment tax return each year. UK resident directors will need to declare their worldwide income on the self-assessment tax return as well as income from the company. Directors will typically have the following sources of income from the company they are employed by.
- Salary earned from the directorship.
- Expenses and benefits.
- Dividend income.
- Interest from loans made to the company.
A director should notify HMRC by 5 October following the tax year in which he becomes a director.
How can Emulous Accounting help?
- Calculate the tax payable on salaries, benefits, and dividends.
- Complete your tax return using HMRC approved software.
- Register you for self-assessment.
- Reduce payments on an account where applicable.
If you need help and advice in relation to your rental property please get in touch.
For more detailed information and to arrange a free consultation, please contact us.