Self-Assessment

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accsvalue

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100% director (who also has PAYE income) set up Company X in October 2011. He didn't draw a salary from Company X until February 2012. Does he have to fill out Form 11 self-assessment for year ended 2011 even though he earned no income from the company in that year?
 
This post appears to be confusing. You state that the only source of income is PAYE employment. Becoming a company director does not change that status. If a salary is drawn from the company that is additional PAYE income and status will not change to self employed.
 
It's not the drawing of salary (or non-drawing of salary in this case), that triggers a person coming within self-assessment; it is the fact that the individual became a proprietary director. If the company commenced in 2011 then the proprietary director will be a chargeable person (i.e. required to file a form 11) for 2011.
 
I stand corrected. You learn something new every day. I was a proprietry director of a company in 2001/02 and while I paid PAYE on directors salary I did not return a Form 11. Completed returns regularly on Form 12 with no issues to date.
Is this requirement new, or was I just let away with returning Form 12?
 
It's ten years ago.

If there was no loss to the Revenue (eg having rental income which was subject to prsi under self-assessed and not for paye) then I really can't see Revenue caring a jot.

I assume you paid class S prsi?
 
Thanks a lot for the responses. Does it matter whether the company actually traded or not in 2011? If the company didn't trade at all, is the proprietary director still obliged to complete form 11?
 
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