Income from other sources: what to tell us
Tell us all of your income outside of your limited company before we prepare your Self Assessment
If you have any income outside your limited company, tell us before we prepare your Self Assessment. Undeclared income can result in penalties and interest on the tax owed.
Common additional income sources for directors
- Rental income: from residential or commercial property you let
- Interest: savings interest above the Personal Savings Allowance (£500 for higher rate taxpayers, £1,000 for basic rate)
- Freelance or consulting income: billed personally rather than through the company
- Capital gains: from selling shares, property (other than your main home), or other assets
- Pension income: from a previous employer scheme or state pension if you have reached pension age
Foreign income
Any income earned abroad or from foreign investments must also be declared. Tax treaty relief may reduce or eliminate UK tax on some foreign income, but it must still be reported. Tell us about any foreign bank accounts, foreign property, or overseas employment income.
💡 Good to know: We ask for a summary of any non-company income when preparing your Self Assessment return each year. It is much easier to include and declare something correctly at the time than to amend a return after HMRC identifies a discrepancy from third-party information.
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