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Post Info TOPIC: Corporation Tax Returns and self assessment
stephen72


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Corporation Tax Returns and self assessment
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Hi All,

I am postiong this question out of curiosity so sorry if it seems a bit stupid.

I am currently working through the ICB self assessment workbooks  and it got me thinking about company directors.

i understand that they need the corporation tax return for the amount of money the business has made etc and they pay coropration tax on the profits of the company but what information would a company director put into a self assessment return .

As i said it might seem silly but it just got me thinking about different things and would just like to know out of curiosity.



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Shamus


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Only the amount that the director has received from the company company generally by means of salary and / or dividends.

The company itself is a totally separate legal entity to the director and nothing to do with its turnover expenses etc. is reported.

This is completely at odds with the situation for the self employed who would need to prepare an SA103 (S or F).

Hope that helps clarify mater during your studies,

kind regards,

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
NickCraggs


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And just to clarify (if i may) anything other income that isnt derived from the company, e.g. unrelated employment/interest/rental income etc.

For the purposes of the ICB self assessment exam, a company director is just another employee.

Kind regards

Nick

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Nick 

Nick Craggs FMAAT ACA  AAT Distance Learning Manager

@nickcraggs 

BKN Tutor of the Year 2013 & 2015


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