The Help to Buy ISA scheme will close to new accounts at midnight on 30 November 2019. What is a Help to Buy ISA and do I need one? The Help to Buy ISA is a savings account that you should open if you are saving to buy your first home. The...
There is a widespread belief that every UK company director has to file a tax return. Indeed, the Government's own website suggests that being a company director alone means you should register for self-assessment and file a tax return annually.
However, that is not what tax law says. Under the law, there is no automatic requirement for a company director to file a tax return.
A return must be filed in order to claim certain tax reliefs or if there are liabilities which must be reported to HM Revenue and Customs (HMRC), such as a Capital Gains Tax liability. A return must also be filed where HMRC issue one.
When in doubt, it is less risky to file a tax return, but it is established law that unless there is a tax liability which must be reported, a return does not normally have to be filed.