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A Self Assessment (SA100) tax return. In the United Kingdom, a tax return is a document that must be filed with HM Revenue & Customs declaring liability for taxation.Different bodies must file different returns with respect to various forms of taxation.
For income tax, the quarterly updates will provide the totals of income and expenses, and an end-of-period statement must be submitted for each tax year. This statement must be submitted by the 31 January following the end of the tax year, and may include accounting adjustments and claims for reliefs or allowances.
The Office for National Statistics report showed that in 2009/10 the poorest 20% spent 8.7% of their gross income on VAT, whereas the richest 20% spent only 4.0% of their gross income on VAT. [57] Similarly, the poorest 20% spent 9.7% of their disposable income on VAT, whereas the richest 20% spent only 5.2% of their disposable income on VAT. [57]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Overseas property income and income of a wholly overseas trade are calculated in the same way as Schedule A and Case I of Schedule D income respectively. Overseas dividend income is usually accounted for and taxed on a receipts basis. Double tax relief (see below) may be available where the overseas income has suffered foreign tax.
For example, if a company car in the home country is used, should some subsidies be used by someone abroad and unable to use it? Or how is the partner's income treated? For whom is the split-year tax system beneficial?
Some jurisdictions compute taxable income by reference to financial statement income with specific categories of adjustments, which can be significant. [ 192 ] A jurisdiction relying on financial statement income tends to place reliance on the judgment of local accountants for determinations of income under locally accepted accounting principles.
In May 2005, the OECD Committee on Fiscal Affairs (CFA) published the first version of the SAF-T guidance. Version 1.0 was based on entries as found in a General Ledger Chart of Accounts, together with master file data for customers and suppliers and details of invoices, orders, payments, and adjustments.