HMRC Self-Assessment Online Tax Returns

A quick tip for those who don't think they can use the HMRC online tax return because they need to complete additional pages (eg CGT) not available through the online system.

I got to the end of doing my return, and then found I couldn't submit because I needed to complete an additional form which isn't supported through the HMRC system. Bugger, I thought. But what I discovered is that having completed the income tax main form on-line (the SA100/101), and the computer doing all the calculations, you can print or save it as a pdf file before you submit it electronically, so you can then just copy the boxes straight across into a paper version for submission along with the CGT pages or whatever. All you'd have to do would be to add the CGT due to the income tax due that the HMRC system works out. Saved me a lot of time, compared to working out my income tax calculations myself, or using their paper tax calculation guide.

P.S. Only got mine in this early, because for a change they owe me money

Personally I do not trust online submission. I would rather have a hard copy, which I photocopy before I send it to the IR.

And I prefer to let the IR work out my tax. Providing my figures are correct, if they make a mistake (I carefully estimate my liability) it is their problem

Can anyone tell me, when you fill in the capital gains part of the SA do you have to include a record of every round trip when enclosing your computations? As an active trader making thousands of trades this could end up being a lot of paper work.

theperm said:

Can anyone tell me, when you fill in the capital gains part of the SA do you have to include a record of every round trip when enclosing your computations? As an active trader making thousands of trades this could end up being a lot of paper work.

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All HMRC are concerned with is that you pay the correct level of tax. Even if the forms want you to disclose individual transactions above a certain threshold, at the end of the day as long as you have declared the correct level of net gains it should be ok to skip those.

However if you want to include all transactions then you could attach your brokerage statements with your return.

Interactive Brokers have started doing a nice Fiscal Year statement, which shows all trades from April to April in a single statement. Even if you do 1000s of trades you can print these using a small font so they take up only a few pages.