How to fill out the UK Tax forms? If this is your first time filing a return, you must first sign up for Self Assessment. If you’re self-employed, not self-employed but must declare income, in a partnership, or neither, there are various ways to register.
UK Tax forms
The main tax return: SA100
To file a self-assessment tax return, there are two methods. One can:
- file your Self Assessment tax return online
- download and fill in form SA100
When do I need to fill in a Self Assessment tax return?
- Your income from self-employment exceeded £1,000.
- you received more than £2,500 in rental revenue (if it was between £1,000 and £2,500, you must contact HMRC).
- You received untaxed income of more than £2,500, such as tips or commissions.
- you earned £10,001 or more in savings or investments before taxes.
- Capital Gains Tax is due on gains from the sale of items like shares or a second home.
- You oversee a corporation as a director (unless it was a non-profit organization, such as a charity)
- You or your partner earned more than £50,000 and are claiming Child Benefit. You also have income from a foreign source that is subject to tax, or you live abroad but earn money in the UK.
- You earned more than £100,000 in taxable income.
- If you make pension contributions and earn more than £50,000 in the tax year 2022–2022, you may need to complete an assessment in order to receive the additional tax relief you are entitled to if you are a trustee of a trust or registered pension scheme.
- You received a P800 from HMRC stating that you didn’t pay enough tax the previous year despite the fact that your State Pension was your only source of income and exceeded your personal limit.
If you want to pay optional Class 2 National Insurance contributions, you can do so by completing a Self Assessment tax return. You will be able to receive benefits like the State Pension thanks to this.
If you are an employee who has paid tax through the Pay As You Earn (PAYE) system, you typically do not need to complete a Self Assessment tax return. Unless you made more than £100,000, that is.
Extra sections
If you’re informing HMRC of the following forms of income, you may need to complete additional sections, referred to as “supplementary pages”:
- employees or company directors – SA102
- self-employment – SA103S or SA103F
- business partnerships – SA104S or SA104F
- UK property income – SA105
- foreign income or gains – SA106
- capital gains – SA108
- non-UK residents or dual residents – SA109
If you’re mailing your return, make sure you fill out the appropriate portions by reviewing the complete list of additional pages.
Conclusion
UK Tax forms may seem difficult to understand. But it’s much easier than it seems if you’re organized, prepared, and aware of what’s required of you. To properly complete the form and avoid penalties, make sure you comprehend it.
