Do Directors Need to Submit a Tax Return?

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 The short answer to the question is YES!


It is important for all the company directors to submit a tax return as per the HMRC's insistence. So, it means that every single company director needs to file a self-assessment tax return every single year. It is quite a controversial move and is still being discussed and reviewed. But, if the return has been issued, it is necessary for the company director to submit their tax returns with the HMRC. 


Not only this, but it is also very important for the company directors to let the HMRC know about the liability to tax for the respective year, if there is any, as per the terms of the legislation. If it is not notified within the set deadline, then it is bound to cost them a lot of penalties. This is when accounting services London experts can prove to be helpful. They can assist you in getting every bit of it sorted without any difficulty and, most importantly, on time. 


You must remember that there are few guidelines that ask company directors to file tax returns, or else they are liable to face penalties. If you think about whether you are liable to file a tax return or not, then the next segment can certainly assist you with the same. Take a look. 

When Shall You File  A Tax Return Being A Company Director?


There are several aspects that need to be considered for a company to director file a tax return. If you are not clear about the same, then we are here to help you understand the protocols that define when you need to file tax returns every single year. Take a look at the below-specified pointers: 


  1. It is important that you get tax returns completed if you are a company director, except for non-profit companies that are involved in charity services and business. In this case, you didn’t have to pay the taxes as the services are included in the charity business. 

  2. You must file for tax returns if your income or your partner’s earnings have been more than £50,000, and you have also asked for child benefit as well. 

  3. You also need to file tax returns if you are earning from abroad organizations, and it is important for you to pay tax on the same.

  4. You must have lived outside the UK but generated income through this part of the world. 

  5. You have to file for tax returns if your income crosses £100,000.

Last Words

These are the circumstances when you have to file for tax returns being a company director. Hopefully, you got clarity about when company directors have to file income tax returns. If you are in need of any more assistance, then you can consider taking the assistance of the experts at Mint Accountax. They are going to help you have your tax return needs to be covered as required and ensure that you have nothing to worry about the same. Good luck!

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