For the tax year 2025/2026 HMRC will impose a £60 penalty to company directors who fail to include new information in their Self-Assessment.
Earlier this year, HMRC added a new peice of legislation that requires any director of a Ltd Company, who is required to complete a Self-Assessment, to disclose additional details, and if you’re unaware of the new rules, could land yourself with a £60 penalty.
Don’t get caught out
Directors of close companies must now disclose details of each company they are a director of, regardless of whether they have any shares in that company, received any income or dividends or if the company is dormant.
What is a close company
A close company is a company registered in the UK controlled by five or fewer participators, or any number of participators who are also directors where they have more than 50% of the voting rights, income rights, or rights to the assets if the company is wound up.
Essentially, the majority of UK company owners.
What information is now required
For each company you are a director of, you must disclose four new peices of information.
These are:
- Company name
- Company registration number
- Amount of dividends received
- Percentage of shareholding
How do you disclose this new information
For each close company, you must create a seperate SA102 employment page on your Self-Assessment.
Each employment page must show the company name, company registration number, amount of dividends received in the tax year (£0 or Nil if none received) and the percentage of shares held.
What if you are not employed in those companies
It does not matter, the SA102 employment page is simply the mechanism in which HMRC expect to see the details disclosed on the tax return. If you are using electronic software to file your Self-Assessment, you can simply add the word “NONE” in the box that asks for your Employer PAYE Reference.
If filing by paper, simply leave this box blank.
Not currently required to file a Self-Assessment
If you do not usually file a Self-Assessment because you are not required to, then you will not need to disclose these new details. However, if you are already required to file, or you are required to in the future, you will need to include the new details on your tax return.
Already filed your Self-Assessment for this year?
If you are one of those people who like to file your Self-Assessment early, then you will need to file an amendment and include the new details to avoid a £60 penalty.
The £60 penalty explained
For each director who fails to disclose the new details, they will receive a £60 penalty sometime after the filing deadline of 31st January.
Unsure if you are required to dislose this new information?
If you are unsure whether this new legislation applies to you, why not drop us an email at info@courtierandcourtier.co.uk or call us on 01376 743650 for a review of your circumstances and avoid any future penalties imposed by HMRC.