I receive remuneration as a company director, although I am not a shareholder, and so do not receive any form of dividend. I am completing my tax return for the first time myself, and the tax calculation suggests I'm liable for a circa £2,500 tax bill (to be paid in the next 15 days!), which as I have no other income apart from this full-time role, I was surprised about. Does all of my tax not come from PAYE? What is this additional figure for? Is there any chance it is wrong or I've misunderstood something?
Arthur Weller replies:
It could be that your personal coding figure used by your company employer did not take into account all the salary benefits and bonuses you actually received during the tax year, in particular the benefits. That is why you need to complete a tax return, so that any underpayments (or overpayments) of tax can be accounted for.