Hi Everyone, im new to the forum and am really hoping someone out there can answer my questions. I am using this forum for the first time so i hope my question is ok.
I am working with a community interest company and as im aware the tax rules that apply are the same as any other company. there are no specific reliefs available due to it being a CIC.
The directots get paid a salary, very low amount below £10,000 per annum for the services they provide. This will go into the accounts as an expense under wages, and there is a P35 submitted etc so all tax and NI have been paid.
My query is:
Does this salary need to be disclosed in the notes as directors remuneration due to it being a salary to the director?
Would the directors still need to submit a self assessment? there is no other income for them except the salary, but all directors of companies must submit returns unless it is a director of a charity etc. However these directors never have and previous accounts havent disclosed salary in the accounts notes and it hasnt been disclosed in the CIC report either.
Im jus a little confused on this one, as its my first time with such a client so need a push in the right direction
