By fulfilling certain criteria, some individuals are subject to filling out their own taxation affairs, more commonly known as self-assessment. For those that must complete them, they are to be filled out and sent to HMRC each year within a set time from the end of the tax year until a set deadline. There are several types of forms to declare different avenues of taxable income. Those that carry out self-assessment must first declare their self-employment; you must do so using a SA103 form.
The SA103 form must be fully completed and gives individuals the opportunity to outline all financial aspects of their self-employment. This includes details regarding income, expenditure, and financial losses. Once you have finished and sent the form, HM Revenue and Customs (HMRC) will send you a Statement of Account. The Statement of Account will inform you of the amount for tax you owe, the amount of tax you have already contributed, and by this means, any tax that you are still required to pay. In an event where you have overpaid your taxation obligations, this will be also stated on your Statement of Account.
There are two versions of the SA103 Form:
- SA103 Form
- SA103S Form
The SA103 Form is the original full-length version of the form. This version is to be completed by those sole traders with a turnover exceeding seventy-thousand pounds per tax year. If your turnover is below seventy-thousand pounds per tax year, then you have the right to request a SA103S form. This version is shorter than the original SA103 form. If you are unsure of which form applies to your self-employment, then you should contact HMRC, accountant, or other financial advisory for guidance.
If you need help with SA103 Form or Self Assessment Tax Return please contact The Accountancy Solutions on 01216297768 or 02070784001 for further advice. We are specialist accountants in compliance with HMRC.