Once a Self Assessment tax return has been submitted to HM Revenue & Customs, you will be sent a form SA302. This is a tax calculation and will show how much tax you owe HMRC, or how much tax you have overpaid.
The calculation is based on your tax return for that year, and the figures you have submitted. It is essential that you check the calculation carefully, to make sure all the figures are correct. Your tax bill will be based on these figures and will be sent out at a later date. If the figures shown on the SA302 are incorrect you need to inform HMRC immediately so they can issue an amended tax calculation.
You will only receive a tax calculation from HMRC if you have submitted a tax return asking HMRC to calculate your tax due, or if you have requested an amendment to your tax return. If you have submitted your tax return and calculated the tax due yourself, HMRC will issue a tax calculation if they don’t agree with your calculation.
The Self Assessment Statement is based on your tax calculation and will be sent to tell you how much tax you need to pay, or may inform you that you are owed some tax by HMRC. If the tax calculation on form SA302 is incorrect and results in a lower amount of tax being paid, you may be charged penalties at a later date. The SA302 will also tell you the date you must pay any outstanding amount by, and any payments on account to be made next year.
Did you find this post useful? Then please click on a button below to help us promote this article!
Why choose The Accountancy Partnership
Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.