HMRC has reduced the number of people who must file a self assessment return in recent years. Yet, new disclosures will apply for those who still file from the 2025 to 2026 tax year onwards, especially for business owners and UK company directors.
On the SA102 employment pages, answering whether you are a company director and whether the company is closed will become mandatory. In addition, if you are a director of a close company, you must report, for each relevant company, the company name and registered number, the value of dividends received, shown separately from other UK dividends, and your percentage shareholding measured by the highest level held in the year.
A close company is a UK resident company controlled by five or fewer individuals. This will include many small and family companies.
Similar changes mean you must include a start date and, if relevant, an end date when a sole trade, partnership, or trust business begins or ceases during a tax year. This applies to individual, trust, and partnership returns.
These requirements do not change who must file a return. However, a new penalty applies when the extra information is incorrectly supplied. The penalty is £60 for each failure, and will apply to returns for 2025 to 2026.
Some details may be tricky, such as measuring a shareholding with different share classes; thus, precise record-keeping is advisable.Â
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