Remember, as a director of a Limited Company, you may still need to do a self assessment for the 21/22 tax year by 31st January 2023.
Your self-assessment is your personal tax return.
The CT600 (corporation tax return) is your company’s tax return.
Corporation tax is 19% of all company profits for my clients (small businesses).
So what goes on your self-assessment as a company director?
- Any salary and dividends that were received from the LTD during the tax year.
- Any property income.
- Any other personal income.
- Any PAYE income for other employments.
- Any sole trader income (if you have this as well as an LTD).
- Any SEISS grant income that you received during Covid (in the 21/22 tax year).
If you have an outstanding student loan balance… HMRC will calculate how much of it you have to pay back this year based on the personal income reported on your self-assessment.
If you receive child benefit and your personal income is above £50k then you will have to pay some of it back. If your personal income is above £60k then you will have to pay all of it back. This, too, is calculated on your self-assessment.
If you are a director of a Limited Company doing your own self-assessment, get in touch via my website to be added to the waiting list for my Spring intake so that I can help you with all things corporate and personal tax related in 2023.