Self Assessment for directors and landlords
A company's director is taxed personally on what they take from it, and may have to send a Self Assessment return of their own. TaxPip does not prepare that return. Preparing it is planned, but it is not available.
To HMRC31 January after the tax year
Who needs it
Self Assessment is a person's return, not the company's. A company's profits are chargeable to Corporation Tax, on its own return. A director who is paid by the company, and a person who lets out property in their own name, may each have to send a Self Assessment return. GOV.UK has a short tool, "Check if you need to send a Self Assessment tax return", to find out.
An online return is due by 31 January after the end of the tax year, and the tax is due the same day. There is a second payment date of 31 July for payments on account.
How it works here
What the company paid you
Salary and dividends are read from the company's books, so the director's return agrees with the company's.
Add the rest
Anything the company's books cannot show, such as UK property held in the person's own name, is entered by the person.
Review and approve
The person reads the return and approves it. The approved return is locked: what is sent is exactly what they approved.
File it, and keep the result
Until it is available, send the return yourself, or give the figures to your accountant. TaxPip shows the date it is due.
What to have ready
- The person's Unique Taxpayer Reference (UTR).
- The company's books for the year, reviewed, if the person is paid by it.
- A way to send the return: HMRC's own service or your accountant.
What you will see once it is sent
Sending a filing from TaxPip is planned, but it is not available. When it is, every filing is saved before it is sent and followed until the authority has decided. These are the only states it can be in, and they only move forward.
Sending
Saved first, then sent. A crash cannot leave a filing that nobody has a record of.
Received
The authority has the message and has not decided.
Accepted
The authority has accepted it. The answer is kept with the filing.
Or it stops somewhere else
Rejected
The authority has said why not, and its reason is shown as it was sent.
Refused
The authority refused the message itself, so nothing was filed.
Unknown
The reply was lost, so there is no telling whether it arrived. It is never sent a second time by itself: you ask the authority, or say it never arrived.
What it covers, and what it does not
A person's return, not the company's.
It is for a director of a company on TaxPip, or a person who lets UK property.
Salary, dividends and UK property.
Self-employment, foreign income and capital gains are not covered.
Dates and reminders, not penalties.
TaxPip shows when the return and the tax are due. It does not work out penalties.
A working draft.
No accountant has reviewed the calculations. Check the figures, or have them checked, before anything is sent.
Questions
Is a limited company's profit on a Self Assessment return?
No. A company's profits are chargeable to Corporation Tax and go on the company's own return. What the company pays a director, as salary or dividends, is the director's own income.
Can my accountant see it?
Yes. An accountant can be added to the books with the accountant role. They can look at everything and change nothing in the books.
Who submits a Self Assessment return to HMRC?
You do, or your accountant. TaxPip does not prepare or send Self Assessment returns. Doing so is planned, but it is not available.
Keep reading
- Company Tax Return (CT600) for a UK company
Build the CT600 from your books, with iXBRL accounts and computations, ready to file with HMRC. Free during early access.
- Filing deadlines for a UK limited company
When a private limited company files accounts, pays Corporation Tax, files its CT600 and sends its confirmation statement, and how the dates work.
- Products: accounts, tax returns and filings
Annual accounts, Corporation Tax, VAT, Self Assessment, the confirmation statement and closing a company: what each is and what TaxPip does for it.
Try it on your own books
Free during early access. An account takes an email address and a code: there is no password, no card to enter, and nothing is charged.