Self Asssement - A Close Company?

[ittony]

Joy of joys, it's Self Assessment time. First time I've completed one as a director and I'm confronted with: "(Directors only) Select this box if it was a close company". Now is this just code for "Select this box to receive an IR35 inspector by return of post"?

Looking at the help text it would appear that almost any Limited contractor set-up, indeed almost any small company going, would be caught by this definition:

"A close company is a company controlled by five or fewer participants or any number of participators who are directors. Participators are persons who have a share or interest in the income or capital of the company, such as shareholders and certain loan creditors."

Am I misreading it or does this mean that any company will be a Close Company unless it either has more than five directors or at least one shareholder who is not a director?

[Bumfluff]

Joy of joys, it's Self Assessment time. First time I've completed one as a director and I'm confronted with: "(Directors only) Select this box if it was a close company". Now is this just code for "Select this box to receive an IR35 inspector by return of post"?

Looking at the help text it would appear that almost any Limited contractor set-up, indeed almost any small company going, would be caught by this definition:

"A close company is a company controlled by five or fewer participants or any number of participators who are directors. Participators are persons who have a share or interest in the income or capital of the company, such as shareholders and certain loan creditors."

Am I misreading it or does this mean that any company will be a Close Company unless it either has more than five directors or at least one shareholder who is not a director?

My accountant did my SA and he ticked both the director and close company boxes.

[ittony]

My accountant did my SA and he ticked both the director and close company boxes.

Cheers BF.

Am I the only one doing his own SA here?

[Bumfluff]

Cheers BF.

Am I the only one doing his own SA here?

This is the first year my accountant did mine, usually do it myself but seeing as Im paying them I always submit it myself online

[Sockpuppet]

Now is this just code for "Select this box to receive an IR35 inspector by return of post"?

No but not filling it in right probably would be.

[Bluebird]

I ticked it as it is true.

Whether that then triggers IR35 I don't know.

[gingerjedi]

I know everyone is talking about self assessment at the moment but I don't know what I should be doing??? I've only had my Ltd since April and have heard nothing about this from either HMRC or my accountant?

Feel free to flame the Ltd noob!

[ittony]

I know everyone is talking about self assessment at the moment but I don't know what I should be doing??? I've only had my Ltd since April and have heard nothing about this from either HMRC or my accountant?

When in April?

[Bluebird]

When in April?

Does it matter ?

ALL Company Directors have to do a SA don't they ?

[gingerjedi]

I set it up to coincide with the start of the new tax year... I guess I'll be ringing NW soon to ask what I should be doing!