9 INCOME CATEGORIES FOR YOUR SELF ASSESSMENT TAX RETURN

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9 Income Categories for SA Tax Return

9 INCOME CATEGORIES FOR YOUR SELF ASSESSMENT TAX RETURN

To do a SA tax return of your taxable income & gains you may need to complete separate supplementary pages. It depends on the individual’s Income. By ticking the  Yes or No boxes against each income/gain type, your SA Return supplementary sections would be included in your tax return.

Let’s see how it works:

1.EMPLOYMENT:

If you were employee, director or agency worker in the tax year, then you need to fill in ‘Employment page’ for each employment, directorship or so on. You need to tell how many employments you have to fill in each employment.

2.SELF EMPLOYMENT:

If you worked for yourself and your income is above £1,000, you need to fill in self employment supplementary pages for each business. For each self employment business you need to mention your income & expenses & number of businesses you had in the ‘Number’ box.

3.PARTNERSHIP:

Fill in a separate ‘Partnership’ page for each partnership you were a partner & how many partnerships you need to mention in ‘Number’ box.

4.UK PROPERTY:

If you have UK property rented or leased & your income is above £1000, you need to fill in the UK Property supplementary pages depends on Property type & ‘Number of properties’.

5.FOREIGN:

If you were entitled to foreign income, or received any income or capital payment from transfer of assets or want to claim relief for foreign tax paid and if this income/gain is above £1000 then you need to fill in Foreign Income pages of tax return.

6.TRUSTS:

Did you receive income from Trust, settlement or the residue of a deceased person’s estate, you need to include Trust etc. supplementary pages. It does not include cash lump sum, transfer of assets or capital distribution received under Will.

7.CAPITAL GAINS SUMMARY:

If you disposed off any stocks, shares, land & property or business, or had any chargeable gains, you do fill in the Capital Gains Summary & also provide separate computation pages along with tax return to HMRC

8.RESIDENCE, REMITTANCE BASIS:

Were you all or part of the tax year not resident or not domiciled in the UK & claiming remittance basis or dual resident in the UK and another country, You need to fill in the supplementary tax return pages.

9.ADDITIONAL INFORMATION:

Other less common types of Income & tax reliefs like Life Insurance Gains, Chargeable Event Gains, Married Couple’s allowance, details of disclosed Tax Avoidance schemes should be mentioned on ‘Additional Information’ pages if required.

On the basis of individual’s income types, SA Tax Return structure is formulated to fill. Specific comprehensive details are required to do each income type. All the documents required to prepare these income categories should be kept for 6 years after filing the tax return.

If you need any help for  your tax return, speak to your accountant or if you don’t have an accountant, schedule a meeting with us. One of our adviser will help you to answer your questions or email at hello@pplaccountants.co.ukCannot get other user media. API shut down by Instagram. Sorry. Display only your media.

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