HMRC self assessment software, SA106 importance

[Warmfuzzies]

Afternoon all.


I'm looking for some self assessment software, specifically geared towards SA106, then being able to file this with HMRC.

I've looked at Sage, Xero, and others recommended here, but not sure they fit my needs.

I'm PAYE, and just need the software for integrating the SA106 part. So when I'm asked to pay £10/month or more, it doesn't make financial sense to me.

Are there any packages out there for me?

Thanks

[mikef]

Taxcalc ?

[Eric Mc]

Why do you need software? SA106 relates to income from foreign sources.

All you need to do is fill in the the necessary boxes in the Self Assessment tax return - whether a paper return or using HMRC's on line equivalent.

[Warmfuzzies]

Eric

I'm looking to make life easy, self assessment plus sa106, if there's an easier method than than present I'm interested

The HMRC online form has grown a little since last year

[Eric Mc]

What is the specific problem you have?

Do you have complicated overseas income affairs and/or can you not identify what boxes need to be completed?

[Warmfuzzies]

Eric Mc said:

What is the specific problem you have?

Do you have complicated overseas income affairs and/or can you not identify what boxes need to be completed?

Complicated, possibly; timing of each year doesn't align here and American one, if I have software I can just plumb the info into, Bob would be an uncle again

The new online form takes too much time and I wish to simplify this

I could then use the output to simplify my US returns as well ( not as important to me as the UK issue presently)

I had used an accountant over here in the past, and was given costly incorrect advice; please don't suggest using one, replies will be rebuffed, besides, I'm not making any profit at the moment and their fees would only worsen the situation

Thanks

[Eric Mc]

Good job I didn't say "use an accountant" then

Dealing with overseas taxation is actually a complex area and not that many accountants are up to speed on many aspects of it. There is a chap on this forum (LC23) who has helped deal with queries in this area in the past.

Is your tax return for 2015/16 late? Nobody will be completing their 2016/17 returns yet as we haven't reached the end of the 2016/187 tax year.

The UK tax year runs from 6 April to 5 April, so, if you have income from an overseas source, all you need to do is determine how much of each source was actually received between those two dates.

If the sources come from countries where tax was paid in those countries, if those countries have double tax agreements with the UK, you should be able to get credit for the tax already paid in the foreign country.

As regards software, most accountants (like me) will already be using tax return software. However, it tends not to be cheap and is geared for those who are in professional practice.