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I am a director of a start-up company in the uk (there are

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I am a director of a start-up company in the uk (there are 2 of us, one UK based). The company is for an online business. We have not yet started trading. When we do, hopefully in March we will not be paying ourselves any money initially - all money we receive will go to running the business as we both have other jobs.
My other job is a freelance/self employed web designer. Will this affect my self-assessment tax? Do I need to declare my directorship even though I am essentially working on this for no money?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

If you look under the heading "Directors" on page EN1 of the the employment pages notes here, you will see that you provided you have received no income or benefits from the company of which you are a director in a tax year, you don't need to complete the pages for that particular employment. All you need to do is to put a note in box17 on page TR7 of the SA100 core tax return.

When you do receive income or benefits, it will impact on your self-assessment.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15755
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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