If you are a director of a company, or have income that does not go through a PAYE scheme, then you will likely have to complete and file a self-assessment tax return. The personal tax year runs from 6th April one year to 5th April the following year, and is due for filing and payment by 31st January of the following year.
So, for example the 17/18 tax year runs from 6th April 2017 to 5th April 2018 and is due for filing and payment by 31st January 2019 at the latest. All the income that you have earnt in the year – salary, dividends, rental, commissions, bonuses, interest, etc – needs to go on your annual return and your tax liability calculated.
Different forms of income have different tax treatments, and different people are entitled to different allowances and deductions, so it’s vital to get good advice.
We can assist with initial registration, the calculation of your tax liability and the necessary filings with HMRC.