Director Self Assessment

Do Company Directors Need To Do A Self Assessment?
A self assessment in the UK is a process intended for the HMRC to be used by self employed and other high earning individuals to calculate and pay due tax on income that are not taxed at source i.e., through Pay As You Earn (PAYE).

In a significant portion of cases, company directors must file a Self Assessment tax return to HMRC after the end of each tax year. A Self Assessment return is required in order to establish your net income and capital gains tax due for the year. It includes any reliefs or allowances claimed as well as any income tax deducted at source.

The deadline is 31 October if filling in a paper form or 31 January if submitting online. However, we strongly suggest you complete your tax return as soon as possible in order to avoid any last-minute issues or HMRC queries. You must also pay any tax you owe by midnight on 31 January.

Do I need to register for Self Assessment?
It depends on your circumstances whether you need register for Self Assessment. However if you all into these categories you most likely will need to file your own personal tax return:

  • You are limited company directors
  • You are a company shareholders
  • You are self employed whether as a business owner, contractor or freelancer
  • You are a sole traders
  • You are a partner within a business partnership
  • partners in a business partnership


Other notable circumstances that may require you to complete a self assessment includes:

  • You receive income from:
    • tips or commission
    • dividends, investments such as property or crypto; or savings
    • non-UK sources of income
  • You are earning more than £100,000 per year
  • You are receiving Child Benefits who earns (or whose partner earns) over £50,000
  • You are claiming certain Income Tax reliefs
  • Any individual who is required to pay Capital Gains Tax


When Do Directors Not Need To Complete A Self Assessment
As a director you may not need to register for self assessment and file a tax return if you fall into these:

  • Your income is taxed at source i.e., through PAYE or a similar process. In this case yourself as a director is treated as employees within the tax context
  • You have no other sources of income
  • If you receive shares and your annual divided from shares are below the £2000 allowance


How To File A Self Assessment?
You can register for self assessment online in the UK gov website. Setting up an account can take up to 10 days to before you can begin to process your self assessment. Alternatively, you can print out the form and mail the completed form by post.


What Records Do I Need To Complete A Self Assessment?
To complete form your Self Assessment, you will be asked to provide the following information:

  • Full name
  • Home address
  • National Insurance number
  • Unique Taxpayer Reference (UTR), if previously registered for Self Assessment
  • Telephone number
  • Email address
  • The date on which income was received from Directorship, and/or
  • The date on which any other untaxed income (e.g. dividends) was received

Other notable information you should have on hand if you are a company director includes:

  • Employer Reference (if you receive a director’s salary, for example)
  • Details of income and capital gains, including interest, dividend payments from company shares, pensions and annuities, benefits, and any other taxable income
  • Tax reliefs and allowances, including registered pension schemes and Gift Aid


Anything else do I need to know as a Director about Self Assessments?
You may also have to complete supplementary pages for some types of income.

For example, if you receive a director’s salary through payroll, you’ll need to record these taxed earnings on your tax return.

This enables HMRC to work out how much Income Tax and National Insurance you owe, as well as any reliefs and allowances you are entitled to, based on your total earnings from all taxed and untaxed sources.


Can I Hire A Self Assessment Accountant?
Yes, you can hire a self assessment accountant to help complete and submit your tax return. At MJ Kane, we have a team of specialist self assessment accountants who can ensure your self assessment is completed accurately and on time while being fully compliant to UK tax legislations. Some of the key deliverables include:

  • Get professional help from a self assessment accountant.
  • Help to claim eligible expenses and tax reliefs
  • Full calculation of your tax bill for you to review and approve
  • Your tax return filed to HMRC
  • Professional record keeping
  • Current or previous tax year filing


Why You Should Get A Self Assessment Accountant
Save time and hassle
Completing a self assessment form requires an intensive amount of time and record keeping to be able to complete it properly. Outsourcing this process to a self assessment accountant can save time that can invested elsewhere such as your business or family.

Avoid frustration
Like any tax issues, it takes time to work your way around the system and understand what is required from you. A self assessment accountant can help simplify this process.

Avoid potential fines
Our self assessment accountants ensure that your form is submitted accurately so there are no risks of receiving fines or the attention of HMRC when filled incorrectly. We’ll also ensure to have effective time keeping so that everything is done well before any deadlines. Failure to meet the filing deadline will result in a £100 penalty with further penalties with increasing missed days.

Avoid mistakes and misinformation
Filling it out correctly can be confusing, especially if you are new to all this. Mistakes can be made, and these can be costly. A self assessment accountant will review and ensure all information is correct before submission.

Being up to date on tax legislations
Tax legislation changes all the time, and our self assessment accountant are keep up-to-date with it so you don’t have to

Get potential savings
An experienced self assessment accountant will know where to find deductions so you could reduce your tax bill legally. There’s also the risk of paying too much tax if you fill in your Self-Assessment form yourself. When you use an accountant you may be able to save more money than you spend on the service, which could be hundreds of pounds or more.

Professional record keeping
A self assessment accountant can help you to organise your files to make the process easier and quicker in the next tax year. Our accountants can also provide tips on managing your finances to make record keeping and bookkeeping easier.

Why MJ Kane As Your Self Assessment Accountants?

  • Over 8000 satisfied clients
  • In over 30 countries
  • 60+ industrial experience
  • Your Own Dedicated Accountant
  • Competitive Quotes
  • Small Business Experts
  • No-Hassle Solution
  • Error-Free Accounting
  • In house experts for all accounting needs

You can get started with our Self Assessment Accountant Services by arranging a call back with our team on the form below.

Alternatively, for urgent queries please call us at:

Tel: 028 9335 0290

Self Assessment FAQs

What Do I Pay Taxes On?

  • Money you earn from employment
  • Profits you make if you’re self-employed – including from services you sell through websites or apps
  • Some state benefits
  • Most pensions, including state pensions, company and personal pensions and retirement annuities
  • Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
  • Benefits you get from your job
  • Income from a trust

What types of businesses do MJ Kane Accountants serve?

MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

  • Professional services – Real estate agents, insurance agents, financial advisors and more
  • Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
  • Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
  • Health and wellness – Gyms, salons, spas, dentists and more
  • Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more

I am a Sole Trader, do I need to complete a Self Assessment?

Sole Traders are required to submit a self-assessment tax return.

I am a Partner in a partnership, do I need to complete a Self Assessment?

Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

I am a Director of a limited company, do I need to complete a Self Assessment?

Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return.

How Will Your Self Assessment Accountant Help Me?

Through our tax return accountants service, we will work to minimise any tax owed while preparing your Self Assessment. Our service is tailored for each individual but depending on your circumstances we can also claim for relevant expenses, allowances and tax reliefs on your tax return. We also offer a one-off tax advice where we can help you understand your UK personal tax situation.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years.

For companies this should be a minimum of 6 years.

You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

How Do I Claim Tax Relief on Self Assessment?

Within the self assessment form there’s a series of supplementary pages, this is particularly important if you’re self-employed or receive income from another source – you’ll  use this section to help claim tax back from HMRC.

Read more about how to claim tax relief on your self assessment

Do I need to complete a self assessment form if I am small business owner?

Yes. Small business owners are considered self employed persons and are required to complete a self assessment form so HMRC can tax earnings appropriately.

Learn more about self assessment for small business owners.

What Do I Need For My Self Assessment Form?

Before starting your self assessment tax return, ensure you have the following

  • My PIN
  • My UTR number
  • My Gateway ID

Alongside this, you’ll need record of your income and self assessment records for tax relief. We have procured a complete self assessment checklist to help complete your self assessment form.

What Happens If I Fill A Self Assessment Wrong?

You may face certain financial penalties if you submit incorrect information alongside the actual tax owed. There are also penalties for late submissions.

We cover this through our How to do a self assessment guide.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years.

For companies this should be a minimum of 6 years.

You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

Who needs to fill a Self Assessment?

Typically, if you receive income or capital gains that do not have tax automatically deducted – you will need to report this under a self-assessment.

We have a separate guide to find out if you need to do a self assessment