Does a SA need filing?

[tony84]

I have a friend who started a business in the last tax year. They have to do the company accounts by the end of November - no problem there. They put money in and the accounts will show a loss.

They are employed and have taken no money out of the business other than to repay some of the money put in.
Do they need to do a self assessment?

 

[Joyous]

I have a friend who started a business in the last tax year. They have to do the company accounts by the end of November - no problem there. They put money in and the accounts will show a loss.

They are employed and have taken no money out of the business other than to repay some of the money put in.
Do they need to do a self assessment?

If they've taken neither salary nor dividends from the company then no.

 

[tony84]

If they've taken neither salary nor dividends from the company then no.

I love it when you get a nice simple answer.

Cheers

 

[Joyous]

I love it when you get a nice simple answer.

Cheers

Glad you appreciate my restraint. A longer answer would have added

"... assuming he has no other income that needs to be reported on a tax return"

 

[tony84]

Only PAYE from a normal job with a large national company.