Self assessment for director of company/

by **2camjohn** on Mon Jun 27, 2011 5:21 pm

Hi

I run a close LTD company which I paid myself by withdrawing funds as a directors renumeration.
But its causing me all sorts of problems now i come to fill out my self assessment form.

Is it correct in my situation to select self employed for that business?
Even though Im a director i have to click no to the question about employment (on advice from HMRC). Because it isnt PAYE so I dont have a reference.

However, when I start to fill in the self employed section its asking for information on the limited company, information that we have already filed and paid corporation tax on in our company return.
Also Its not asking for my income from the company. Which I should be paying income tax on.

Sorry for the confused message, im completely baffled.

Does anyone have any advice or has anyone been in the same situation before?
Im sure Im missing something really obvious.

by **pawncob** on Mon Jun 27, 2011 6:59 pm

You're an employee.NOT selfemployed.
If you've been paid as a director the company must have a PAYE scheme in operation and you'll have a PAYE reference to enter on the return.
Get an accountant before you end up with hefty penalties.

by **2camjohn** on Tue Jun 28, 2011 10:49 am

Thanks for the info.

Im trying to get in contact with our book keeper. She was the one who told us to do it like this.

The problem I can forsee is that we have already filed our company accounts for that year. And paid corporation tax.
Is it very easy to modify company accounts after the fact?

Its only tiny amounts of money but it sounds like it might cost us a lot :roll:

by **pawncob** on Tue Jun 28, 2011 11:51 am

Once submitted to C.H. the accounts are cast in stone. It's not recommended that you change them. HMRC have a more laissez faire attitude and allow amendments within the time limits.

by **2camjohn** on Tue Jun 28, 2011 1:50 pm

Thanks again Pawncob for the help.

Ive been in touch with the PAYE people and we are just on the borderline of it being such a small amount of money that a return is not needed.
But sadly we are on the wrong side of the line.

Hopefully I can get a PAYE reference and all will be OK.
The time limits are fast approaching. :oops:

by **RAL** on Tue Jun 28, 2011 4:06 pm

You can complete the employment section even the company (employer) did not have a paye reference number!

by **2camjohn** on Wed Jun 29, 2011 12:33 pm

RAL wrote:You can complete the employment section even the company (employer) did not have a paye reference number!

How do you do that?

I was trying to do but it wouldnt let me.
I'm filling in my forms online and it wont let me go past that page in the form without entering a PAYE reference.

Cheers
John