Form SA100: Self Assessment Tax Return Forms (Full Guide)
If you’re thinking about filing your 2017/18 income tax return, here are some helpful tips to make sure you get everything done on time.
1. File your self assessment tax return online
You’ll find the SA100 form in the Online Services section of the HMRC website. You can either fill it out yourself or download the form and send it in.
2. Add attachments to your return
Attachments such as bank statements, invoices and receipts help prove your case. To attach files to your return, go to the Attachments tab and select the type of attachment you want to upload.
3. Check the box for ‘I’m unable to complete my self assessmnet’
This lets you avoid penalties for submitting incomplete returns. If you’re struggling to complete your return because of illness or disability, tick the box and submit your return via post.
How do I fill out form SA100?
Fill the SA form online
The Self Assessment (SA) form is used to calculate your income tax liability. You must file an SA every year, even if you don’t owe any money. If you’re a sole trader, partnership or limited company, you need to fill out the form each year.
Choose the correct year
You need to choose the correct year for your SA form. This is because you cannot change the date once submitted. So, make sure you choose the correct year.
Print and submit the form
Once you’ve filled out the form, print it off and take it to your local Post Office branch. Make sure you include the original receipt for your purchase.
HMRC have made changes to SA100 form which makes filling it out easier
How do I submit it?
If you are looking for help with filling out your SA100 online, here is what you need to know.
1. 2. Click on “File Form SA100 Online.”
3. Select “SA100” under “Select Your Tax Return Type.”
4. Follow the instructions and fill out the form.
5. When finished, click on “Submit Form.”
6. Print out your completed SA100.
Should I use it if I file my taxes online?
There are many reasons why people choose to do their tax returns online. Some simply want to save money, while others prefer to avoid queues and waiting times. But there’s one thing that most people don’t realise about doing your tax return online – it doesn’t mean you’re exempt from having to fill in any forms. In fact, there are some things you’ll need to complete even if you file your tax return online. Here’s what you need to know…
If you’ve already filed your tax return online, you might think you don’t need to use Form P11D. However, there are several reasons why you might need to complete this form. For example, if you received a refund, you’ll need to include information about how much you got back. If you didn’t receive a refund, you’ll still need to provide evidence that you paid enough National Insurance Contributions (NICs). And if you’re claiming certain benefits such as child benefit, you’ll need to provide proof that you meet the requirements for those payments.
You’ll also need to provide additional information if you’re filing a self-assessment tax return. This includes providing your bank account number, sort code and reference number. You’ll also need to give us proof that you earned the amount you claim on your tax return. So, make sure you keep copies of everything you send us, just in case we ask for further information later on.
Even if you haven’t done your tax return online, it’s important that you read our guide to completing your tax return correctly. It explains exactly what information you need to provide, so you don’t miss anything out.
Who needs an SA100?
The government has announced it will introduce an annual tax return for self-employed individuals earning more than £100,000 per year. The move is intended to help HM Revenue & Customs (HMRC) collect more money from high earners. However, some experts say the change could actually make things worse for those who are already struggling to pay their taxes.
Self employed people who earn less than £100,000 do not need to file an annual return. But anyone who earns more than £100,001 must fill out an annual return called Form SA100. This includes sole traders, partnerships, trusts, companies and limited liability partnerships.
The government says the new tax return will help HMRC identify “high risk taxpayers”.
But what happens next? What is an SA100 return? And why do we even need one? Here’s everything you need to know about the new tax return…
What is an SA100 return and how much does it cost?
An SA100 return costs £50 and takes around 20 minutes to complete. You’ll need to provide information on your earnings, profits, losses and expenses for the previous 12 months.
You’ll also need to give details of any payments you received during the same period – including interest and dividends.
Where can I get a form SA100?
The IRS requires taxpayers to file Form 1040A, Schedule A, every year. If you’re self-employed or retired, you’ll want to include your profit/loss statement and any income earned from investments. You don’t need to file taxes unless you owe money to the government.
If you’re self-employed, you must complete Form 1099-MISC, Miscellaneous Income, to report income received from sources such as royalties, tips, and prizes.
You can download the form from the IRS’ website.
To make it easier to fill out the form, use the free online tool called SimpleTax.
SimpleTax allows you to enter information directly into the form, without having to print it out.
You can sign up for a free account here.
Once you’ve registered, follow the prompts to start entering data.
When do I have to send in a SA100 form?
The deadline for filing SA100 forms is 31 October every year. However, there is no penalty if you file late. If you want to know what happens if you don’t file your SA100 return.
Frequently Asked Questions
What are the important dates and due dates for the Self Assessment?
To help ensure that you don’t miss out on vital tax deadlines, we’ve put together a guide to what the most important dates are for filing your self assessment tax return and making sure you pay your tax and National Insurance contributions (NIC).
The deadline for filing your 2017/18 self assessment tax return is 31 January 2018. This includes filing your 2016/17 return and paying any outstanding tax and NIC. You must make sure you pay your income tax and NIC within six months of the end of each calendar year. Failure to do so could mean a fine of up to £100 per day. If you’re planning to claim a deduction for expenses incurred during the course of carrying on a trade or profession, you’ll need to lodge your accounts for those deductions by 30 June following the financial year in question. For example, if you carried on a job as a teacher between April and July, you’ll need to file your accounts for the period 1 April to 30 June.
HM Revenue & Customs (HMRC) have a penalty regime for people who fail to file their tax returns and pay their taxes on time. If you owe money to HMRC and don’t pay it, you risk being hit with fines and interest charges.
How does Self Assessment work if I am an employee and I have foreign income or gains?
When it comes to filing your annual tax return, there are several different ways to do it depending on how much money you earn and what type of income you receive. If you are employed overseas and make regular payments into your pension plan, for example, you could choose to pay into your employer’s scheme rather than claim relief.
If you live abroad and work for yourself, you’ll probably want to consider the remittance basis’ of taxation. Under this method, you’d report your earnings and losses based on the amount sent home.
But if you’re employed and don’t have foreign income or gains, you might still be required to file a tax return. This is because HM Revenue & Customs (HMRC), the government department responsible for collecting taxes, requires people who are employed to complete a tax return every year.
The rules around claiming relief differ according to whether you are a sole trader, partnership or limited company. But regardless of the form of organisation you run, you must declare everything you earn and gain during the course of the tax year.
This includes wages, interest, dividends, rent, royalties, capital gains and bonuses. All of these things count towards calculating the total amount of taxable income you’ve earned over the course of the tax period. And once you’ve calculated the total amount of taxable profit, you’ll need to add up the amounts paid into your pension funds, savings accounts and insurance policies.
