Self Assessment Tax Returns

Self Assessment Tax Returns are required to be filed by the following:

  • the self-employed including someone in a partnership

  • controlling Company Director, but not a Director of a non-profit organisation or anyone not receiving any payments or benefits

  • a Minister of any religion

  • a name or member of Lloyd’s

  • income from savings and investments of £10,000 or more

  • income from untaxed savings and investments of £2,500 or more

  • income from property of £10,000 or more before deducting allowable expenses or £2,500 or more after deducting allowable expenses

  • employment income on PAYE above £100,000

  • anyone lived or worked abroad or aren’t domiciled in the UK

  • having Capital Gains Tax to pay

  • anyone who owes tax and it cannot be collected through the tax code. For instance, when the taxable Basic State Pension is greater than the Personal allowance

  • anyone who has benefits in kind or out of pocket expenses which may be taxed as an employer does not have a dispensation

The standard form in use is the SA100, complete with additional sheets for particular sources of income.

A short tax return, form SA200, is available for those with incomes below £30,000 (HMRC selects those that need to complete a SA200).

The tax year runs to 5 April. These tax returns must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return.

Corporation Tax Returns

All active companies must file Corporation Tax Returns as this is a legal requirement

All active companies (and some dormant ones) must file Corporation Tax Returns as this is a legal requirement.

The Company Tax Return is based on the profit and loss shown in your financial accounts, but these need to be adjusted to allow for the different way in which corporation tax reliefs and allowances are treated.

The return must include a tax calculation, showing how the profits in your financial accounts have been adjusted to work out the taxable profits included in the corporation tax return.

Your Company Tax Return ideally needs to make the most of any allowances and choices you can make and you then may be entitled to minimise your Corporation Tax liability.

The return normally covers a 12 month accounting period that matches your company’s 12 month financial year and each return must be filed within 12 months of the end of the relevant corporation tax accounting period.

Corporation tax payment is generally due nine months after the end of your corporation tax accounting period – before your Corporation Tax Return is due.

VAT Returns

Value Added Tax (VAT) is a tax levied by the Government on sales of goods and services

All businesses which have an annual turnover of more than the current VAT threshold (currently £82,000) need to file a VAT Return.

If you’re VAT registered, you’ll need to submit a VAT return to HMRC every quarter. This period of time is known as your ‘accounting period’.

A VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. This results in the amount payable to HMRC. If the amount reclaimable on purchase is more than the amount due on sales, HMRC will give you the difference back!

It is important to spend sufficient time on completing your return so you don’t pay more than you need to!