What Information You Need to Include in Your Self-Assessment Tax Return

September 9, 2024

What Information You Need to Include in Your Self-Assessment Tax Return

Self-Assessment tax season may seem like it’s a long way off, but it’s never too early to get ahead. Whether your tax situation is simple or complex, being prepared is key to avoiding unnecessary stress and delays. One of the main reasons accountants run into delays when filing tax returns is missing or incomplete information from clients.

The good news? With the right preparation, you can ensure a smooth process and even save money by maximizing your deductions. So, what do you need to provide to your accountant for a hassle-free tax return? Let’s break it down.

Key Information to Include in Your Tax Return

1. Personal Information

National Insurance Number: Essential for all tax-related processes.
Unique Taxpayer Reference (UTR) Number: This identifies you for Self-Assessment.

2. Income Details

Employment Income: Provide your P60, P45, and P11D forms, which show your salary, tax deductions, and any work benefits.
Self-Employment Income: Have invoices, receipts, and a breakdown of income and expenses ready to share. This helps your accountant calculate your profits and taxable income.
Investment Income: Provide bank statements showing interest earned, as well as dividend and investment income details.
Rental Income: If you’re a landlord, detail your rental income, expenses, and any mortgage interest.
Pension Income: Include statements from pension providers to show your income.
Foreign Income: Declare any overseas income, including tax withheld abroad.

3. Expense Details

Maximize your deductions! These can significantly reduce your taxable income:

Business Expenses: Submit receipts for office supplies, travel, and any other legitimate business expenses.
Mileage: Record your work-related mileage.
Home Office Expenses: If you work from home, calculate your portion of rent or utilities.
Charitable Donations: Donations to registered charities may qualify for tax relief.
High-income benefit charge: You may owe the High Income Child Benefit Charge if you or your partner earn over £60,000 and receive or contribute towards Child Benefit.
Pension Contributions: Submit statements of your personal or workplace pension contributions.
Professional Fees and Subscriptions: Keep receipts for any subscriptions or fees related to your work.

4. Capital Gains

Sold any property, shares, or assets this year? Provide details, including the dates and sale amounts.

5. Other Income or Deductions

Dividends: Share statements of dividends received.
State Benefits: Declare benefits such as child benefit or universal credit.
Student Loan Repayments: Details of repayments can impact your tax return.

6. Bank Interest

Provide statements showing interest earned on your savings accounts.

7. Tax Reliefs and Allowances

You may be entitled to specific reliefs, like the Marriage Allowance or Blind Person’s Allowance.

8. Previous Year’s Tax Return

If this is the first time your accountant is filing for you, don’t forget to provide your last year’s return.

Get Ahead of the Game

Providing complete and accurate information from the start will help your accountant file your tax return quickly and accurately, ensuring you claim every deduction and tax relief you’re entitled to. It’s time to say goodbye to the stress of last-minute filing!

Ready to Take the Stress Out of Tax Season?

Let Skyrock Accountants handle everything for you!

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