We understand that filing a Self Assessment can feel daunting. However, if you have an accountant, providing them with accurate information can make the completion of your tax return much easier and less stressful. Additionally, giving your accountant the information early allows them to review it meticulously and make sure everything is in place way before the deadline. This can also prevent penalties and possibly garner tax savings.
When HMRC Expects Your Tax Return Information
Self Assessment tax returns are due by the 31st January, every year. However, if they are paper returns, you must submit them by 31st October. You must file and pay any tax due by the deadline to prevent any penalties or interest charges.
So, if your return is due by 31st January 2026, this would cover the 2024/25 tax year, which would have run from 6th April 2024 to 5th April 2025.
If you are self-employed, the Basis Period Reform moves taxation to a tax year basis. If your year-end is not 31st March or 5th April, confirm your accounting period with your accountant.
The Information You Will Need for Your Tax Return
Having your information and the right documents ready ensures the prompt completion of your tax return. Use this checklist as your guide:
1. Your Personal Details
Your accountant will need your:
- Full name
- Current address
- Date of birth
- National Insurance number
- Unique Taxpayer Reference (UTR) number
If you have changed your name, address or martial status recently, let your accountant know. You should also keep a valid ID on hand, such as a driving licence or passport, as your accountant may need it for verification.
2. Employment Income and Benefits
You will need to provide the following documents if you are an employee:
- P60 (this shows your total earnings and tax paid in the tax year)
- P45 (you will need this if you have left a job during the year)
- P11D (this lists any taxable benefits such as a company car or medical insurance)
You should also include any extra earnings, bonuses or expenses you plan to claim. These records ensure your accountant can report your employment income accurately and spot if you have overpaid tax.
3. Self-Employment Income and Expenses
You will need to provide the following information if you are self-employed or run a business:
- Sales invoices or an income summary
- Purchase invoices and expense receipts
- Business bank and credit card statements
- Petty cash logs and balances
- Loan or finance agreements with interest details
- Payroll records (if you employ staff)
- Year-end stock valuation (if relevant)
Cloud accounting software, such as QuickBooks or Xero, can help track everything and allows you to attach digital receipts to transactions. This also reduces the chance of missing deductions.
4. Rental Income and Expenses
You will need to provide the following information if you earn rental income:
- A summary of rental income for each property
- Mortgage interest statements
- Letting agent statements and annual summaries
- Receipts for repairs, maintenance, insurance and property costs
- Utility and Council Tax bills
- Vacancy records
Providing a full breakdown allows your accountant to claim all allowable deductions and reduce your tax bill.
5. Investment, Dividend and Savings Income
You will need to provide the following information if you earn investment income, even if tax was deducted at source:
- Dividend vouchers
- Bank interest statements
- Investment account summaries
- Details of reinvested dividends or foreign investment income
Even small amounts can affect your tax calculation, so you should include every statement.
6. Capital Gains
You will need to provide the following information if you sold assets such as shares or property:
- Purchase and sale dates and prices
- Costs of buying or selling (such as legal fees)
- Periods of occupancy for property sales
- Property improvement receipts
These details help your accountant apply relevant reliefs, such as Private Residence Relief, and calculate any Capital Gains Tax accurately.
7. Pension Contributions and Gift Aid Donations
You will need to provide the following information about any pension contributions and Gift Aid Donations:
- Records of personal pension contributions made in a the year
- Gift Aid donations records with dates and amounts
Higher earners may receive extra tax relief, which your accountant will claim through your return.
8. Other Income and Special Circumstances
You will need to provide additional information if you receive any of the following:
- Foreign income from overseas work, property or investments
- Child Benefit if your income exceeds £60,000
- Student Loan repayments
- Any grants or support payments received
- Side income, such as freelance work or one-off sales
Full disclosure ensures accuracy and avoids potential HMRC investigations.
Staying Organised Throughout the Year
Using cloud-based accounting software, such as QuickBooks or Xero, allows you to store receipts and invoices digitally. You can also attach supporting documents to transactions as you go to avoid searching for paperwork later.
Moreover, you should separate your personal and business accounts to simplify reconciliation. Update your records regularly so your accounts remain accurate and complete. This will also help out your accountant massively.
Consequences of Late Submission
Missing the 31st January deadline results in an automatic £100 fine. If you file more than three months late, you may face daily penalties plus interest on the unpaid tax. Delaying even further will result in additional fines from HMRC.
If you can get your information in nice and early, your accountant can complete and file your return before you even have to worry about fines. The sooner you give the information, the sooner your accountant can work with the information.
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