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Limited Company Director Personal Tax Return

Did you know that as a Director of a limited company you are required to submit an annual personal tax return regardless of what you have personally drawn from your limited company?

When you are extremely busy running a limited company, we understand that this can be the last thing on your mind.

Exchequer Accountancy Services have a team of highly skilled personal accountants to look after both your company and personal tax affairs allowing you the time to concentrate on the important matter of running your business.

Key facts on being a Limited Company Director

  • You and your limited company are two separate legal entities
  • As well as submitting and paying your company taxes, you as an individual have an annual requirement with HMRC to submit a personal tax return
  • Within your personal tax return you will advise HMRC of the amounts you have personally withdrawn from your limited company.
  • Dependent on how you pay yourself will determine how you are personally taxed

Directors Salary

  • This amount will have been processed as PAYE (pay as you earn)
  • Your personal accountant will ensure that you are on the correct tax code and that the relevant amounts of tax will have been collected on this income

Dividends

  • The first £2,000 of dividends are tax free (from 6/4/18)
  • Additional amounts of dividends paid are taxed through your personal tax return at:
    • 7.5% basic rate
    • 32.5% higher rate
    • 38.1% additional rate

Our team of personal accountants are here to guide and support you throughout your business venture. Please call today for a free consultation on 01244 569893

Call us today on
033 3323 1199

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