Proprietory directors are people who own more than 15% of the share capital of their companies.
Proprietory directors are obliged to make tax returns, without being served notices, covering all their income by 31st October for the preceding tax year. For Income Tax 2009, the return must be filed by 31st October 2010 or by 16th November 2010 when filing via ROS).
Proprietory directors are obliged to pay preliminary tax by 31st October for the current tax year. Preliminary Tax 2010 must be paid by 31st October 2010 or by 16th November 2010 when filing via ROS).
In determining the 15% holding, shares which are held by the director's spouse or minor children are taken into account, as are shares held by trustees of a settlement to which the director or the director's spouse had transferred shares.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com. |
