Tuesday, 13 April 2010

Self Assessment Tax Return - what I need from you

I can't believe another 5th April has been and gone. So it's time for you to get your admin hats on and start getting all that paperwork together so I can prepare your tax return.

This is a general list of what I will need from you. All circumstances are different, so please just use this list as a guide and don't hesitate to ask me if you have any other income and you are not sure whether or not it is liable to income tax:


If you scan and email me your P60 (and/ or P45 if you have changed jobs) this will normally be all I need. Your employer / pension provider / benefit provider is legally obliged to send this to you by the 31 May following the tax year end.
If you receive benefits from your employer I will also need to see your form P11d.
If you have incurred costs in the course of your employment for which you have not been reimbursed by your employer (eg use of own car), please do let me know as you can get tax relief for expenditure incurred wholly, exclusively and necessarily for your job (the regular commute to your office doesn't qualify for this unfortunately).
For the state pension, the Pension Service will send an annual letter stating your entitlement. Please provide me with a copy.


See my previous blog entry for the records of self employment. Normally I will just need you to send me the completed excel template and a copy of the final business bank statement corresponding to the year end. I can always ask for further details later should I need them.

3/ Confirmation of INVESTMENT INCOME

Please provide me with dividend vouchers for income you have received from your shareholdings during the year. This includes dividends from any family company.
Your bank or building society will send you an annual summary of interest paid and the tax that has already been deducted from this interest. Please send a copy to me (preferably scanned and emailed).
I don't need to see any details of your ISAs.

4/ Confirmation of PROPERTY INCOME

I need to know how much rental income you have received related to each property during the year (and the related agent commissions that have been deducted, if applicable).
If you have started renting out a property during the year I need you to decide whether you are going to elect to take a 10% wear and tear allowance to cover the costs of renting the property out, or whether you are going to keep all the receipts for repairs and maintenance you have done to the property during the year. Once you have made this election it can't be changed in the future.
If you go for the latter, I need a listing of all the expenditure during the year.
If you need to visit the property eg to collect the rent, don't forget to charge 40p per mile (or your bus/ train ticket) as a property expense.
Please ask for more details of which repairs and maintenance costs are tax allowable.
Please let me know if this property is a furnished holiday letting.

5/ Confirmation of OTHER INCOME

Please let me know if you have any other income (eg foreign income, gains on life assurance policies etc etc) and you are unsure whether it falls under the self assessment bracket. I can then let you know which, if any, further information I need.