Nobody enjoys doing their self assessment tax return. But the directors and shareholders who dread it least are the ones who know exactly what they need before they start. The ones who struggle – or worse, miss the deadline – are usually the ones who didn’t prepare.
This guide gives you a clear self assessment tax return checklist tailored specifically for UK directors and limited company shareholders, answers the most common questions people have before they start, and explains when it genuinely makes sense to hand this over to a professional.
Do you actually need to complete a self assessment tax return?
Before anything else, it’s worth confirming whether you’re required to file. Check if:
- You’re a director of a limited company (even if you took no salary)
- You received dividends of more than £500 in the tax year
- Your total income was above £100,000
- You received income from property rental
- You have capital gains to declare – for example from selling shares or a second property
- You’re self-employed or a partner in a business partnership
- You received untaxed income of more than £2,500
If you’re a company director drawing a salary through PAYE and dividends on top, you almost certainly need to file. Don’t assume your payroll software has handled everything – it won’t have accounted for your dividend income.
What documents do you need to complete a self assessment tax return?
They sit down to file in January, realise they’re missing half their paperwork, and end up rushing or guessing. Get these together well in advance.
Income from employment or directorship
- P60 from your employer or company (if you took a salary through PAYE)
- P11D if you received any benefits in kind – things like a company car, private health insurance, or expenses paid on your behalf
Dividend income
- Dividend vouchers or statements from your limited company for the tax year, and any dividends received from other shareholdings or investment platforms
Self-employed or partnership income
- Your total business income
- Records of any capital allowances you’re claiming
Property income
- Rental income received during the tax year
- Receipts for allowable expenses – mortgage interest (within the rules), letting agent fees, repairs and maintenance, insurance
Savings and investments
- Investment income summaries from platforms like Hargreaves Lansdown, AJ Bell, or similar
Capital gains
- Completion statements if you sold property
- Share dealing statements showing purchase price, sale price, and any costs
Pension contributions
- Contributions to personal pensions not made through your employer – you can claim tax relief on these
Gift Aid donations
- Total donations made through Gift Aid during the year – this can increase your tax relief
Having all of this ready before you start is the single biggest thing you can do to make the process quicker and less stressful.
Self assessment tax return checklist for directors and shareholders
Use this as your go-to self assessment tax return checklist before you start filing:
Before you begin
- Confirm your UTR is correct and your Government Gateway account is active
- Check the deadline – 31 January for online filing, 31 October for paper returns
- Gather all income documents from the previous tax year (6 April to 5 April)
Income to declare
- Salary from your limited company (from your P60)
- Dividends from your limited company
- Dividends from any other shares or investments
- Rental income from property
- Self-employed income if applicable
- Any freelance or consultancy income outside your company
- Savings interest (check your bank statements – this is easy to miss)
- Capital gains from property or share sales
Deductions and reliefs to claim
- Pension contributions paid personally
- Gift Aid donations
- Professional subscriptions allowable against tax
- Allowable expenses if self-employed
- Finance costs on rental property (subject to current rules)
Before you submit
- Double-check all figures against your source documents
- Review the tax calculation – does the amount owed look right?
- Make sure your payment on account position is correct
- Check whether you owe a balancing payment from last year
Can you do your own self assessment tax return?
Yes, you can. HMRC’s online portal is reasonably straightforward for simple situations – a single PAYE income, no investments, no rental property. You can file your self assessment tax return online through your Government Gateway account at gov.uk.
But for most directors and shareholders, the situation is more complex. You’re typically dealing with a combination of salary, dividends, possible rental income, and maybe capital gains too. Each of these has its own rules, allowances, and interaction effects on your overall tax liability.
The risk is that you’ll miss something – a relief you didn’t know you could claim, an allowance you didn’t apply correctly, or a filing error that triggers an HMRC enquiry down the line.
A qualified accountant will typically save you more. They’ll also make sure your payment on account position is managed correctly, which catches a lot of directors off guard in their first year of filing.
What to include in your self assessment tax return
Beyond the basics, directors and shareholders often overlook these:
Dividends above the allowance – The dividend allowance dropped to £500 in 2024/25. If you took any dividends beyond that, they need to be declared and you’ll pay dividend tax at 8.75% (basic rate), 33.75% (higher rate), or 39.35% (additional rate).
High income child benefit charge – If you or your partner earned over £60,000 and claimed child benefit, you may need to pay some or all of it back through your tax return.
Prior year losses – If you made a loss in a previous year that wasn’t fully used, you may be able to carry it forward and reduce this year’s liability.
Foreign income – Any income from overseas sources, including foreign dividends or rental income from property abroad, needs to be declared.
Frequently asked questions (Based on our research)
How do I know if I have to complete a self assessment tax return?
You’ll need to file if you’re a company director, received dividends over £500, earned more than £100,000, have rental income, or have capital gains to declare. If you’re unsure, HMRC has a tool at gov.uk that walks you through it, or a quick conversation with an accountant will give you a definitive answer.
What documents do I need to complete?
At minimum: your UTR, National Insurance number, P60 or P11D if applicable, dividend vouchers, and records of any other income you received in the tax year. Directors and shareholders should also have records of pension contributions, Gift Aid donations, and any capital gains.
What happens if I file my self assessment tax return late?
You’ll get an automatic £100 penalty even if you owe nothing. Penalties increase significantly the longer you leave it, and HMRC can also charge interest on any unpaid tax.
How long does it take to complete?
For a straightforward return, an hour or two if you have everything ready. For directors and shareholders with multiple income sources, it can take considerably longer – especially if you’re calculating capital gains or working out your dividend tax position manually.
Don’t get the January panic
Every year, thousands of directors and shareholders scramble for documents, rush through figures, and end up either missing things or filing late. It doesn’t have to be this way.
At Accountant Required, we handle self assessment tax returns for directors, shareholders, and property investors across the UK. We’ll make sure everything is declared correctly, all your reliefs are claimed, and your payment on account position is managed so there are no nasty surprises.
Get your self assessment sorted before the January rush.
We offer fixed-price personal tax returns with no hidden extras. You’ll know the cost upfront, and we’ll handle everything from start to submission – including dealing with HMRC directly if anything comes up.
Contact us today for a free, no-obligation chat about your tax return.
Qualified accountants. Plain English. No stress.
