Self Assessment Tax Return: What information does my Accountant need?

Here at Ashored we often get asked what information is needed in order to prepare your personal tax return.  When preparing your tax return, your accountant will require specific information to ensure accuracy and compliance. This of course varies from one individual to another but here is a breakdown of the information that is generally needed:

1. Personal Details:

• Your full name, address, date of birth, national insurance number and Unique Tax Reference (UTR) number.

1. Self Employed Income:

• Details of income received, expenses deducted, any fixed asset purchases.

• Details of any expenditure which is non-tax deductible i.e Depreciation or Entertaining.

• Details of debtors and creditors if using the traditional accounting method.

1. Employment Income:

• Provide your P60 or P45 if you have any employment income in addition to being self-employed.

• The P60 shows your total income and tax deductions for the tax year.

• The P45 is relevant if your employment income ceased during the year.

1. Rental Income:

• Details of your rental income and property management expenses.

• If you have a letting agent, provide statements from them.

• Mortgage interest payments (which allow for additional relief) should also be included.

1. Dividends:

• Information about dividends received during the year.

1. Private Pension Payments:

• Share details of any private pension payments made.

• These payments may qualify for additional tax relief.

1. Bank Interest Received:

• Provide details of any bank interest received during the year (excluding ISAs).

• Ensure accuracy, as HMRC is linking more closely with banks.

1. Other Income or Gains:

• Include any additional income or gains received during the year.

• This could be from another self-employment job, property sales, or other sources.

Remember that organizing your finances early can help you avoid penalties and errors. If you need assistance completing your tax return, consider booking an appointment with a professional accountant.  Here at Ashored Bookkeeping and Accountancy we offer a free initial discussion so that we can understand and support you with your requirements. We can help you complete your tax return accurately and have already supported several self employed business owners in submitting theirs.

Contact Ashored for help and support with your Self Assessment Tax Return.