What does your accountant need to complete your self-assessment?

So, you will now be receiving your notices to submit your self-assessment income tax returns. Why not get ahead of the game..….Invicta Accounting can help you!
It will be no surprise that you need to declare all your income. But what does your accountant require of you?

Employment income – you will need to provide details of your gross annual salary and any tax that you paid on this. You should provide us with a P60 or P45 and if you received any benefits or expenses a P11D as these will provide all the information required.

Should you have misplaced any these, you can request a new copy from your current/past employer.

There are certain employment expenses, such as professional subscriptions, travel expenses, that may be deductible. You should provide details of the amount and date you paid these expenses.

Pension income – Should you have received an occupational or private pension you should provide a P60 or certificate of pension paid.

Should you have received a state pension you will not receive a P60 after the end of the tax year and so you will must have kept your own records on the amount of pension received. This is what we will require.

Received an overseas pension? Call Invicta Accounting on 01624 672358 to discuss what is required or alternatively email us at info@invicta-accounting.com.

If you have made private pension contributions into a registered scheme, you are eligible for tax relief. You provide details of payments made, dates the payments were made and your policy details.

Self-employment income – This is simple, just provide us with your business records and we will work out your taxable profits and national insurance payments for you.

Partnership income – You should provide all the following:

Partnership name;
Partnership unique tax reference (UTR);
Description of partnership trade or profession;
Date you joined the partnership;
Date you left the partnership (if applicable);
Partnership accounting period (if different from the tax year);
Business records and we will calculate your taxable profits; and
Your profit share as per the partnership agreement so we can allocate you share of the taxable profits to you.

Property income – You should provide details of the property and all your income received and expenditure incurred during the tax year, including your mortgage interest statement and we will work out your taxable income for you.

There are reliefs that can be claimed on certain property income. To see if you qualify, give Invicta Accounting a call on 01624 672358 or email us at info@invicta-accounting.com.

Interest income – This includes :

Bank & building society interest- provide your certificate of interest and tax deducted;
National savings interest – provide your statement of interest received.

Dividend income – from UK companies and unit trusts. You will need to provide details on the amounts of dividend received, the date received and any tax credits.

Income from trusts – Should you have received income from an estate or a trust, you should provide your R185 which will provide us with all the information required.

There are many different types of trusts and everybody’s circumstance may be different. To discuss yours further please call Invicta on 01624 672358 or email us at info@invicta-accounting.com.

Charity donations – If you have made charity donations through gift aid you should provide details of the charity, payments made during the year and dates donations made.

Capital transactions – Have you disposed of:

Residential property, whether UK resident or non-UK resident;
Shares and securities, whether listed or unlisted;

Disposal of chargeable assets worth over £11,700 or where gains exceed £11,700

You should provide all the details of the disposal including disposal proceeds, original purchase cost of the asset and date the asset was purchased.

Please note that disposal includes the gifting of an asset.

There are many different reliefs that can be claimed for regarding capital gains tax. If you wish to see if any of them apply to yourself, please call Invicta Accounting on 01624 672358 or emails us at info@invicta-accounting.com.

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