Self-assessment Tax Return Filing

[oliver123]

Two weeks ago I got fined £300 for not filing my 2017 - 2018 personal tax return. I mistakenly assumed my accountant had done it (as he'd done in the past) but not this time. I am paying the fine today. Question is, can any of the UK Business Forum members provide guidance on this, preferably a link to completed assessment samples - or where to find some?

Thanks in advance.

 

[MyAccountantOnline]

Two weeks ago I got fined £300 for not filing my 2017 - 2018 personal tax return. I mistakenly assumed my accountant had done it (as he'd done in the past) but not this time. I am paying the fine today. Question is, can any of the UK Business Forum members provide guidance on this, preferably a link to completed assessment samples - or where to find some?

Thanks in advance.

If you are going to complete your own tax return your best source of information is probably the HMRC website. They also have help sheets for particular sources of income etc.

https://www.gov.uk/self-assessment-tax-returns

 

[MyAccountantOnline]

https://www.gov.uk/self-assessment-tax-returns/get-help

 

[areslane]

It is only that if you tell HMRC you are a director of a company, they will set a flag on your self assessment record to keep sending you notices to submit a tax return every year (until you send in years and years of nil returns).

 

[SteveHa]

It is only that if you tell HMRC you are a director of a company, they will set a flag on your self assessment record to keep sending you notices to submit a tax return every year (until you send in years and years of nil returns).

Nope. If there is no tax to pay (e.g. no dividends and only income via PAYE) then it's trivial to request a S8B withdrawal of the notice to file.

 

[oliver123]

Nope. If there is no tax to pay (e.g. no dividends and only income via PAYE) then it's trivial to request a S8B withdrawal of the notice to file.

I paid corporation tax on dividends paid for that tax year. I did not pay myself a salary. But the HMRC still want a self-assessment return. I'm confused!

 

[Newchodge]

I paid corporation tax on dividends paid for that tax year. I did not pay myself a salary. But the HMRC still want a self-assessment return. I'm confused!

You don't pay corporation tax on dividends. You pay income tax, assessed through self assessment.

 

[Scalloway]

You will pay Income Tax on dividends over £2,000.

https://www.gov.uk/tax-on-dividends

 

[SteveHa]

I paid corporation tax on dividends paid for that tax year. I did not pay myself a salary. But the HMRC still want a self-assessment return. I'm confused!

You seem to be misunderstanding how tax works and what dividends are. In a nutshell, corporation tax is paid on company profits. Those post tax profits are then available to distribute to shareholders as dividends. i.e. dividends come after corporation tax.

Once dividends are paid, they represent income in the hands of the shareholder(s), who must pay income tax accordingly.

You and the company are entirely separate legal entities, each with your own separate and distinct tax obligations.