SELF-ASSESSMENT TAX MADE SIMPLE
Expert Self-Assessment Tax Returns: Simplify Your Filing Today!
Engaging Brilliant Accountants in Milton Keynes for your tax return service ensures accurate, timely compliance with HMRC standards. Whether you're self-employed, a sole trader, have rental income, or any other reportable earnings, we provide full support for personal tax returns. From preparation and filing to advising on tax-saving opportunities, our services cover all aspects. Here’s a look at your options and important considerations.
What is a personal tax return (SA100)
The SA100 is a form used by individuals in the UK to complete their Self Assessment tax return. It is submitted to HM Revenue & Customs (HMRC) to report income, calculate tax liability, and claim tax reliefs or allowances.
The SA100 form includes sections for various types of income and circumstances, such as:
Employment income
Self-employment income
Rental income from property
Capital gains
Savings and investment income
Foreign income
If you're self-employed, own rental properties, or have other non-PAYE income, you'll likely need to use this form. It can be completed online through the HMRC portal or submitted as a paper form.
The deadline for filing is:
31 October for paper returns.
31 January for online returns of the following tax year.
Who Needs to File an SA100?
You may need to file an SA100 form if you:
Are self-employed or a sole trader and earn more than £1,000 from your business.
Earn more than £2,000 from dividends or other investments outside of a tax-free ISA.
Have rental income from property you let out.
Earn foreign income.
Have received capital gains (e.g., from selling shares or property) above the annual tax-free allowance.
Earn over £100,000 in income.
Want to claim certain tax reliefs or allowances (e.g., marriage allowance).
Are a partner in a business partnership.
Key Sections of the SA100 Form
The SA100 form covers a wide range of income sources and includes supplementary sections to ensure all taxable income is reported. Here’s a breakdown of some key sections:
Personal Details and Taxpayer Information: Basic information, including your name, address, and unique taxpayer reference (UTR).
Income from Employment (Section 1): Details about your employment income, including your salary, benefits, and any other payments received from an employer (if you have a salaried job alongside self-employment).
Self-Employment Income (SA103): Income from running your own business, including allowable expenses. This is a supplementary section completed only by those who are self-employed.
Interest and Dividends (Section 3): Any income from savings, investments, or dividends received from shares.
Rental Income (SA105): This supplementary section is for reporting income from UK property rentals.
Foreign Income (SA106): Used if you’ve earned income from foreign sources, including overseas investments or employment.
Capital Gains (SA108): Reporting gains made from selling assets like stocks, shares, or property that aren’t your main home.
Filing the SA100
The SA100 form can be filed either:
Online: Through HMRC’s online self-assessment service or compatible software like QuickBooks, GoSimpleTax, or FreeAgent.
Paper Return: You can also file a paper form by post, although the paper deadline is earlier than the online deadline.
Important Deadlines
Paper Returns: Due by 31 October following the end of the tax year.
Online Returns: Due by 31 January following the end of the tax year.
Payment of Tax Owed: Any tax owed is also due by 31 January, along with the first payment on account if you’re self-employed and required to make advance payments for the next tax year.
Tips for Completing the SA100
Gather Documentation: Collect P60s, P45s, bank statements, investment statements, and receipts for allowable expenses.
Report All Income: Ensure that all sources of income are included to avoid penalties.
Claim Eligible Expenses: For self-employed individuals, claim all allowable business expenses to reduce your taxable income.
Use Software for Accuracy: Using online software that is compatible with HMRC can make the process smoother and reduce errors.
Ensure Compliance and Avoid Penalties: The Importance of Accurate SA100 Filing
Filing the SA100 accurately ensures you’re compliant with tax laws and can help you avoid penalties or issues with HMRC.
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