What is SA100? A guide to filing self assessment tax return

If you are self-employed in 2024, you must file the SA100 Self Assessment tax return and any supplementary pages online by midnight on 31 January 2024, while the tax year-end is 5 April 2024 in the UK. On 6 April 2024, the next tax year will begin for 2024/25. If this is your first time submitting a tax return, you must register for self-assessmentfirst; the last date is 5 October 2024. If you want to file a paper tax return, submit it by 31 October 2024. On the other hand, the last date for filing online is 31 January of the following tax year. Pay the tax you owe to avoid late filing penalties and to stay compliant with the HMRC rules and regulations.

How to File SA100?

It can be a bit of a tall order to file your tax return, but it is also a non-negotiable task for taxpayers in the UK – here is how to file SA100:

Gather necessary documents

To fill in the SA100 tax return, it is essential to have the following documents:

• Your forms P45 and P60. Form P45 is "Details of employee leaving work," and form P60 is "End of Year Certificate."
• Your P11D form, "Expenses or benefits," and payslips or your P2, "Paye Coding Notice."
• Suppose you are self-employed or work for yourself. In that case, you must collect documents related to your profit or loss account or business records.
• Gathering your bank statements, dividend counterfoils, building society passbooks, and investment brokers' schedules would be best.
• Personal pension contributions certificate.
• Government Gateway user ID and password.
• Unique Taxpayer Reference (UTR)

Access the SA100 form

• HMRC will automatically issue you an SA100 form. You can request a self-assessment reference number from HMRC if you have yet to be issued one. UK taxpayers can do so online and will be issued an SA100 form, including their reference number. You can also get your form SA100 from software approved by the UK government.

Complete personal information

• The next step is to provide your personal information, including your name, address, National Insurance number, and UTR (Unique Taxpayer Reference). It is essential to provide the correct data for proper identification.

Declare income and gains

• You must now enter the details of your income, such as employment earnings, self-employed profits, rental income, and other sources of income. The SA100 form will contain a comprehensive overview of your financial position.

Deductions and allowances

• Make hay while the sun shines; utilise the deductions and allowances available to you, including expenses related to your self-employment, charitable contributions, or other eligible deductions that can reduce your overall tax liability.

Double-check and submit

• It is of paramount importance to review your completed SA100 form because you must ensure your data is correct and up-to-date. This will help you stay compliant with HMRC's rules and avoid errors. Satisfied? Submit the form electronically, and Bob's your uncle- your SA100 form has been submitted.

Submit a self-assessment tax return (SA100) with us!

Affotax provides Self-Assessment Tax Return (SA100)services to simplify things for you. The experts at Affotax will accurately prepare your self-assessment tax return while reviewing your income, expenses, and deductions. We ensure your SA100 form is submitted to HMRC on time while providing tax planning to ensure you pay the minimum possible tax.

In conclusion, here are a few essential points to remember: It is important to submit your SA100 on time to avoid late payments that may incur penalties and interest. Make yourself familiar with the available payment options, including online transfers and direct debit. Tax laws and regulations may change from time to time. Keep yourself up-to-date with the latest HMRC guidelines and seek expert advice if needed. Toi, Toi, Toi!