File Tax Returns Where Due!
Research says that there is no requirement to notify chargeability where there is no liability to Income Tax or Capital Gains Tax or where sufficient tax has been deducted at source to meet the net liability for the year. OnTax Accountants Dunfermline has found there will be no special rules in such cases as the tax manuals are very clear on this matter.
OnTax Accountants Dunfermline thinks that HMRC really could do with clarifying this matter as we get many enquiries about it.
Avoid Fines By Knowing The Law About Directors Tax Returns
File Tax Returns On time And Live Stress Free!
As discussed, if the director of a company has no further tax related liabilities for a tax year and no self assessment tax return has been given by HMRC then no tax return is due for submission.
OnTax Accountants Dunfermline believes that if HMRC insists on a return in tax due, you should refer them to TMA 1970, s7 agreement and their own guidelines at reference point EM4551. This proves the necessity of tax filing, or not!