According to HMRC, was I self employed?

This is a discussion on According to HMRC, was I self employed? within the General Trading Chat forums, part of the Reception category; I'm doing my personal tax return and am a bit stuck. I traded via a limited company last year. I ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Nov 30, 2009, 8:12pm   #1
Joined Nov 2008
According to HMRC, was I self employed?

I'm doing my personal tax return and am a bit stuck.

I traded via a limited company last year. I did not pay myself anything from the company during the tax year.

Do I need to list myself as self employed on my self assessment?
edgetrading is offline   Reply With Quote
Old Nov 30, 2009, 9:31pm   #2
 
donaldduke's Avatar
Joined Jan 2004
Re: According to HMRC, was I self employed?

Talk to your accountant.

But i would guess not.

You neither self employed or employed by the sounds of things.

Technically if you are a director of the limited company that is what your status is as far as filling in your tax return.

However as the company doesnt pay you, im not sure if that counts as even being employed or not? (not that it seems to matter).

Last edited by donaldduke; Nov 30, 2009 at 9:39pm.
donaldduke is offline   Reply With Quote
Old Nov 30, 2009, 10:43pm   #3
 
shadowninja's Avatar
Joined Jul 2007
Re: According to HMRC, was I self employed?

Doesn't matter. You're a company director, therefore an employee of the company. I've always spoken to HMRC and other relevant governmental organisation with this view in mind and have never been corrected. I think they would have picked up on it by now (incorporated in 1999).
__________________
The markets can stay solvent longer than you can stay irrational.
My sports trading challenge: http://www.trade2win.com/boards/trad...challenge.html
shadowninja is offline   Reply With Quote
Old Dec 2, 2009, 6:49pm   #4
Joined Sep 2008
Re: According to HMRC, was I self employed?

yes.
theSheik is offline   Reply With Quote
Old Dec 3, 2009, 1:17pm   #5
 
advfntrader's Avatar
Joined Mar 2008
Re: According to HMRC, was I self employed?

so you dint make any money trading then ? ;-)
advfntrader is offline   Reply With Quote
Old Dec 3, 2009, 1:22pm   #6
Joined Nov 2009
Re: According to HMRC, was I self employed?

I agree you should check with your accountant. It would be a pity to get in trouble from such a small matter.
jaspertrademaster is offline   Reply With Quote
Old Dec 3, 2009, 1:32pm   #7
 
donaldduke's Avatar
Joined Jan 2004
Re: According to HMRC, was I self employed?

If its the Ltd company that owns the trading account.

The OP is therefore not self employed as far as i can see.

The OP doesnt take a salary for being either the Director or the 'Trader' employee roles.

But legally you must fill in a Self Assement Return as company Company Directors must do this by law.

If the OP has no income and everything is left in company, his Tax return will be empty, he would just need to sign it.

The Ltd company has its own tax returns that must do every year.. thats where any profits will be declared.
donaldduke is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Help!!!! never been self-employed before!!! lainethekitten First Steps 6 Jan 20, 2012 1:20pm
US visa for self-employed traders leovirgo Home Trader 17 Oct 15, 2010 8:27am
90% percent of people still employed godoftrading General Trading Chat 11 Feb 3, 2009 11:24am
For those that are self-employed... AC26XP General Trading Chat 6 Jul 13, 2008 9:56pm
HMRC Self-Assessment Online Tax Returns Jack o'Clubs Home Trader 3 Apr 28, 2008 11:45pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)