HMRC Forms
UK Tax Returns for Residents
If you’re a UK resident, the Self-Assessment tax system is how you report your income to HM Revenue & Customs (HMRC) if it’s not already taxed at source. Here’s what you need to know:
If you have any more questions or need further assistance, feel free to ask.
UK Tax Returns for Non-Residents
Understanding UK tax returns for non-residents can be quite complex, but here are some essential insights:
If you need more detailed information or assistance in your particular circumstances, our tax advisors can support you.
Capital Gains Tax
Capital Gains Tax (CGT) in the UK is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’). To report Capital Gains Tax (CGT) to HM Revenue & Customs (HMRC), you have a couple of options depending on the type of asset you’ve disposed of:
Before reporting, you’ll need:
After reporting, HMRC will send you a letter or email with a payment reference number starting with ‘X’. You’ll use this reference to pay your CGT using the online tax payment service, through online banking, or by cheque.
Remember, you must report by 31 December in the tax year after you made your gain and pay by 31 January. For example, if you made a gain in the 2024 to 2025 tax year, you need to report it by 31 December 2025 and pay by 31 January 2026. Calculating and reporting capital gain tax can be complicated. For more detailed guidance and support speak with our tax advisor.
If you’re a UK resident, the Self-Assessment tax system is how you report your income to HM Revenue & Customs (HMRC) if it’s not already taxed at source. Here’s what you need to know:
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- Registration: If you haven’t submitted a tax return before, you’ll need to register for Self Assessment. This applies if you’re self-employed, have significant savings or investment income, have untaxed income, or need to claim expenses or reliefs.
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- Filing Your Return: The main tax return form is the SA100, which can be filed online. If you’re sending a paper return, you’ll need to download or request the necessary forms from HMRC.
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- Deadlines: The tax year in the UK runs from April 6th to April 5th of the following year. You must file your tax return by January 31st after the end of the tax year. For example, for the tax year ending on April 5, 2024, the deadline to file is January 31, 2025.
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- Paying Your Tax: Any tax due must also be paid by January 31st following the end of the tax year. HMRC provides various payment methods, including online banking, debit card, and Direct Debit.
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- Keeping Records: It’s important to keep detailed records of your income and expenses throughout the year. This will help you fill in your tax return accurately and might be needed if HMRC asks for more information.
If you have any more questions or need further assistance, feel free to ask.
UK Tax Returns for Non-Residents
Understanding UK tax returns for non-residents can be quite complex, but here are some essential insights:
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- Tax Residence Status: Your liability to UK taxation largely depends on your tax residence and domicile status. Non-residents are typically only chargeable to tax on income arising from a source in the UK.
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- Income Tax: If you’re not considered a UK resident, you’re chargeable on the profits of a trade if it is carried on in the UK, UK property business profits, employment income related to UK duties, UK partnership income, and UK pension income.
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- Investment Income: For non-residents, the tax on investment income arising in the UK is generally restricted to the amount of tax deducted at source. This means personal allowances will not be given against other income.
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- Personal Allowance: Non-resident British Citizens are entitled to a tax-free personal allowance, although this is currently under review.
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- Double Tax Treaties: The UK has a network of double taxation agreements which can reduce the risk of being taxed twice. If the UK does not have a treaty with another country, “unilateral relief” may apply to grant a credit in the UK for foreign taxes paid.
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- Reporting Income: ANon-residents cannot use HMRC’s online services to report income. Instead, you must fill in a Self-Assessment tax return and an SA109 form and send them by post, use commercial Self Assessment software that supports SA109 reporting, or get a tax professional to report your UK income for you.
If you need more detailed information or assistance in your particular circumstances, our tax advisors can support you.
Capital Gains Tax
Capital Gains Tax (CGT) in the UK is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’). To report Capital Gains Tax (CGT) to HM Revenue & Customs (HMRC), you have a couple of options depending on the type of asset you’ve disposed of:
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- For UK Residential Property: YIf you sold a UK residential property on or after 6 April 2020, you must report and pay CGT within 60 days of the completion of the sale.
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- For Other Assets: : If your capital gain is not from a UK residential property, you can report it:
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- In a Self Assessment tax return for the tax year after you sold or disposed of the asset.
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- Using the ‘real time’ Capital Gains Tax service to report gains on assets sold during the tax year. This service is available for UK residents.
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- For Other Assets: : If your capital gain is not from a UK residential property, you can report it:
Before reporting, you’ll need:
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- Details of how much you bought and sold the asset for.
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- Dates when you took ownership and disposed of the asset.
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- Costs of buying, selling, or making improvements to the asset.
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- Any tax reliefs you’re entitled to.
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- Calculations for each capital gain or loss you report.
After reporting, HMRC will send you a letter or email with a payment reference number starting with ‘X’. You’ll use this reference to pay your CGT using the online tax payment service, through online banking, or by cheque.
Remember, you must report by 31 December in the tax year after you made your gain and pay by 31 January. For example, if you made a gain in the 2024 to 2025 tax year, you need to report it by 31 December 2025 and pay by 31 January 2026. Calculating and reporting capital gain tax can be complicated. For more detailed guidance and support speak with our tax advisor.