The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The short tax return was introduced in April 2005 with the aim of reducing the compliance burden for taxpayers with simple tax affairs.
The short tax return (form SA200) is a four-page document that covers the most common sources of income (employment, self-employment, pensions, investment income, UK property) as well as common reliefs (pension contributions, gift aid, personal allowances). Capital gains and losses are reported on the usual capital gains summary supplementary pages and submitted with the short tax return.
There is no facility on the short return to calculate the tax due, although a simple guide is included for taxpayers who want to make a rough calculation of the tax due.
It is not possible for a taxpayer (or their agent) to self-select a short tax return. This form is not available online, nor can it be ordered from the helpline. Therefore, it is not possible to provide a link to the short return within this guidance note. However, the short tax return guide is available online.
HMRC will issue the short return to certain taxpayers based on the entries in the previous tax return. Examples of the type of taxpayer who may be issued with a short return include employees (who are not directors) with taxable benefits, self-employed traders with turnover of less than the annual VAT registration threshold and pensioners who have pensions and straightforward investment income.
However, receiving a short tax return does not necessarily mean that a main tax return should not be completed instead. It is up to you (or the taxpayer himself if they are unrepresented) to decide whether a short tax return is appropriate based on the taxpayer’s circumstances and sources of income / gains for the tax year in question.
If, for example, your self-employed client’s turnover exceeded the VAT registration threshold in the ta
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 National Insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2021 for the 2019/20 tax year). From 6 April 2020, UK
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Preparatory workBefore completing the Inheritance Tax account for submission to HMRC, the practitioner needs to undertake a comprehensive review of the extent of the estate and its proposed distribution. The work required leading up to the submission of the account is described in detail in the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.