Should I be self-assessed?

Genghis

All of my earnings are PAYE and from 2 sources, my regular employment, and occassional income from an event I am involved in. For context, the % of my earnings from the event company is between 0% and 5% of my total income, and like I say, earnings from both sources are fully PAYE.

As it happens, I am a director of the event company - chiefly for protection against the organisers of the event from debts, claims, etc.

However, the revenue appear to consider me 'Self-Assessed'.

From reading some posts on here it would seem I should simply file a nil return each year (... I think), but frankly I would prefer if I wasn't self assessed as I am married and my wifes status also appears to be effected (she could not claim some health expenses earlier in the year).

I have called the Revenue on a couple of occassions but came away more confused. It seems you cannot be a director of a company and not be self-assessed. I have 2 questions and would value any help:

1. Can anyone could confirm if I can apply to be not self-assessed while being a company director
2. If all my earnings are within PAYE is it simply a case of declaring nil earnings for self-assessed return?

Thank you!

Alan Shore

Hi,

How much of the company do you own?

Genghis

Thanks Alan. i am one of 3 owners, evenly split.

kennyb3

Genghis wrote: »

Thanks Alan. i am one of 3 owners, evenly split.

Look up proprietary director so

Alan Shore

Genghis wrote: »

From reading some posts on here it would seem I should simply file a nil return each year (... I think), but frankly I would prefer if I wasn't self assessed as I am married and my wifes status also appears to be effected (she could not claim some health expenses earlier in the year).

1. Can anyone could confirm if I can apply to be not self-assessed while being a company director
2. If all my earnings are within PAYE is it simply a case of declaring nil earnings for self-assessed return?

Thank you!

As you own 33% of the company and are a director Revenue require you to file a Tax Return. Form 12 / Form 11.

You need to file this form on time so if the company was set up in 2010 then your return is due by 31 October 2011. You will be surcharged on your tax liability before PAYE deducted.

You need to return all your income ie Pay from other employments and spouses income.

Are you aware of the CRO filing requirements of the company?? Did your accountant not advise the 3 Directors/sharesholders of the requirement to file income tax returns.

nompere

Genghis wrote: »

but frankly I would prefer if I wasn't self assessed as I am married and my wifes status also appears to be effected (she could not claim some health expenses earlier in the year).

Whether you're within self-assessment or not makes no difference to whether you or your wife gets relief for health expenses.

srsly78

If you own >15% of a company then you count as a propietary directory and must be self-assessed. This is very annoying, I have the same problem even tho I have zero non-paye income. It means I can't use the PAYE anytime system to easily claim rent tax credits etc, I gotta do everything the cumberson way with complicated forms etc.

Genghis

Thanks all, I think I am a bit clearer now about my status ('Proprietary Director') and will get the forms in before the end of October.