The UK has an established tax system older than the American tax system. As such, this institution has various components that let it operate. In particular, the UK tax type has multiple tax forms. This article explains the top 20 UK tax forms in 2023.
Self-Assessment Tax Return
As an individual, you should fill out a self-assessment tax return form. This document lets you report gains, incomes, and allowances. You can also claim tax relief and calculate the tax you owe. Once you fill out this document, you are required to file it on or before the 31st of January of the next year.
The SA100 is considered the main tax return form for taxpayers in the UK. It allows you to present your gains and income. As such, you should file this form with the self-assessment tax return form. Like most tax forms, the SA100 contains sections for different income types, which include employment, self-employment, investment, property, and others.
If you have additional income to report, you should use the SA101. The type of income you will report on the SA101 form includes foreign gains, dividends, and rental revenue. You can also use the document to claim relief for pension contributions and charitable donations.
The SA102 form is used for income and expenditure relating to employment, which includes equipment and travel costs. It can also be used to claim tax relief on expenses exclusively related to your employment.
SA103S is used as a shorter format for the self-employment form. In particular, it is used by partnerships and sole traders to report incomes and expenses and determine tax own on profits.
The full version of the self-employment form is the SA103F form. This tax document is used by businesses that run complex institutional affairs. As such, it has more sections for farming, creative arts, partnerships, and capital allowances.
If you own lands and other properties, you will require the SA105 form. You can use this document to report gains and incomes from property sales and rental income. In addition, it has sections for allowable expenses, maintenance costs, and capital gains for property sales.
If you have income streams from abroad, you will need SA106. You can use this document to file foreign income from rent, employment, and more. Completing this form depends on your circumstance within the UK.
SA108 is referred to as the capital gains form. It is used to file income received from general investments such as shares sale and profit from property trade. If you have gains and losses, you can claim exemptions or reliefs to reduce the tax bill.
If you are a non-resident living in the UK, you should report your income using the SA109 form. You can use this non-residence tax return, including income and gains from property sales.
The P11D file is a benefits and expenses document. As such, you may use it to report benefits and expenses received and incurred by employees. These benefits include car and health insurance. For this reason, your employer has the responsibility of giving you the P11D document by the 6th of July in every tax year.
If you receive and incur benefits and expenses for Class 1A National Insurance Contributions, you should complete the P11D(b). This document is usually given to workers. Also, it is the responsibility of the employee to submit the form after it is completed.
Companies with income, profits, and expenses may need to complete the file CT600. It has sections for expenses, gains, and profits. In addition, a company is required to complete this document within 12 months after the end of an accounting period. Also, you must pay taxes owed within 9 months and 1 day before the end of your company’s accounting period.
SA800 is the partnership tax return form. As the name implies, it is used to file profits, incomes, expenses, and losses incurred by partnerships. Also, each enterprise registered as a partnership must file this document each year. However, every partner must independently submit their self-assessment tax return form.
As for profits and incomes from trusts and estates, you should complete and submit the SA900 document. Likewise, this file can capture losses and expenses. Personal reps and trustees are required to file this document each year.
If you owned a VAT-registered business, you should complete a VAT Return form. HM Revenue and Customs required such institutions to report their VAT liabilities. In addition, this document must be submitted at least once every quarter. Also, you are required to pay any outstanding VAT within 1 month and 7 days of the accounting period for your VAT.
For people in the construction industry, CIS300 is the form they will need to complete. This document lets contractors report payments to subcontractors and suppliers. It helps in the computation of tax deductions as required by the Construction Industry Scheme (CIS).
If you are leaving the UK and want to claim a tax refund, you can use P85. This document is filed at the point of leaving the country. You can be eligible for completing and claiming a tax refund when you overpaid tax. However, you can only use this document if you have not finished the year’s allowance.
If you overpaid tax in the previous tax year, you should get a refund. You can file for a refund of income using the R40 form. Additionally, it is useful for claim relief for pension contributions and savings interest.
SA970 is referred to as the UK property income tax form. It can be used to file income from unfurnished and furnished rentals for property income in the UK. Similarly, it can be used to report allowances and expenses relating to rentals. Also, you may have the chance to claim expenses, which include repairs and mortgage interest, which can reduce your tax bill.