Self-assessment?

electrodent

Hi all, was wondering if anyone could provide me with help.

Last year (about November 2012) I set up a company as a vehicle for me to do some consultancy work. I am its sole director and sole shareholder. However I got offered a job which was too good to turn down and so I didn't really get started with it. Only a few hundred pounds worth of expenses went through it.

I'm going to submit to companies house for the company but I was wondering about my tax. I haven't received any income or benefits from it - do I need to submit a self-assessment? HMRC website seems to suggest that as a company director I do - but I hope not as it'd be a complete waste of my time and theirs as all my income has been through wages of my employer.

Secondly if I do have to submit a return do I need to do a return for 2012/13 as I was director from November 2012.

Thanks very much.

Pennywise

If HMRC tell you to do a SA, then you have to do it, BUT, there is no legal requirement for a director to register for SA or do a SA return voluntarily unless the usual SA criteria apply, i.e. higher rate tax, untaxed income, etc etc. Ignore what the HMRC website says - that's nothing more than wishful thinking on their part - it's not backed up by the law. But, if they do ask for one, then you have to do it. The "law" aspect only helps if they try to get you for late registration penalties. If they don't ask, and you are caught by other rules, then forget about it.

Laurajo_2

Penny wise is totally right - you have no obligation to register voluntarily.

electrodent

Brilliant, thanks both. Nothing received from hrmc so one less bit of paperwork to complete :T

zygurat789

Pennywise wrote: »

If HMRC tell you to do a SA, then you have to do it, BUT, there is no legal requirement for a director to register for SA or do a SA return voluntarily unless the usual SA criteria apply, i.e. higher rate tax, untaxed income, etc etc. Ignore what the HMRC website says - that's nothing more than wishful thinking on their part - it's not backed up by the law. But, if they do ask for one, then you have to do it. The "law" aspect only helps if they try to get you for late registration penalties. If they don't ask, and you are caught by other rules, then forget about it.

Does this also apply to the Corporation Tax self assessment return?