Self assessment as director with a day job !

disco_driver

Hi

I am after some advice please regarding self assessment, corporation tax and personal paye.

OK I currently have a "day job" so paye applies for the salary I earn. I set up a ltd company in February 17, my wife and I are directors.
The company started trading May 17. Neither my wife or I have taken any payment from the company, indeed all monies taken have been accounted for in business start up and running costs. This was always the plan to effectively reinvest takings back into equipment etc for probably the first two years with a view to quiting day job and ramping up the business.

Do my wife and I need to self assess ? Also business taxes(hopefully will be zero as all income can be written off), corporation tax ?

gettingtheresometime

I think both of you do have to register for self assessment.

My advice would be to get a really good accountant who will save you more money than they charge

Icequeen99

There is an interesting article here from 2017 that looks at the various positions on this point:

https://www.accountingweb.co.uk/tax/hmrc-policy/tribunal-company-directors-dont-have-to-submit-tax-returns

IQ