Proprietary director + contract work, tax treatment?

[Andrew Duffy]

I am a proprietary director of a limited company, and by the end of the year that will be my primary source of income (fingers crossed). I have recently negotiated a contract that, for various reasons, is private and can't easily be handled through the company. There will be no expenses incurred during this, and I don't think it will account for more than about 10% of my income this year.

How do I deal with the tax for this? My assumption is that my form 11 for 2009 should include details of the contract along with my income as a director, but do I need to pay preliminary tax in October 2009 on the contract income? If so, should I register as self-employed now? (I'm already considered self employed as a prop. director, but I don't think that's quite the same).

 

[papervalue]

I am a proprietary director of a limited company, and by the end of the year that will be my primary source of income (fingers crossed). I have recently negotiated a contract that, for various reasons, is private and can't easily be handled through the company. There will be no expenses incurred during this, and I don't think it will account for more than about 10% of my income this year.

How do I deal with the tax for this? My assumption is that my form 11 for 2009 should include details of the contract along with my income as a director, but do I need to pay preliminary tax in October 2009 on the contract income? If so, should I register as self-employed now? (I'm already considered self employed as a prop. director, but I don't think that's quite the same).

file tr1 to register as selfemployed. could make payment on account oct09 if you have some money to pay but at end of 09 do quick computation of what due . sounds small.

 

[JJ1982]

file tr1 to register as selfemployed. could make payment on account oct09 if you have some money to pay but at end of 09 do quick computation of what due . sounds small.

Surely he is already on the self assement system with revenue as he is a proprietary director? they have to file Form 11's every year anyway. Any extra income can just be included in the form 11 issued to him (her)

 

[mathepac]

surely he is already on the self assement system with revenue as he is a proprietary director? They have to file form 11's every year anyway. Any extra income can just be included in the form 11 issued to him (her)

+1