Tax returns affect more people than you think

Self Assessment Tax Returns are not just for the self-employed. They’re also required for all Directors, Shareholders with Dividends over £10,000, people claiming child benefit with an income over £50,000, people with a capital gain to report or people with a salary over £100,000 amongst a few other reasons. If HMRC has written to you asking for a return, it is required regardless of your earnings.

If you consider that this is something you should be doing, we can help you.

We just need a few things from you

Here’s a typical list of things we ask for;

  • Employment income records (P60, P45, final payslips) and any P11Ds

  • Self-employed invoice records

  • Self-employed expenses list

  • Details of any Dividends received from UK companies

  • Bank Interest certificates (can be requested from bank by most online facilities. Its a certificate they create once a year to show the interest earned)

  • Charitable donations detail (if a 40% tax payer, you can get relief on your donations). We need to be able to split between gift aided and non gift-aided and evidence a list if possible

  • List of payments into a pension plan. Also need to know if they were made from pre-taxed income (direct from employer) or if they get the tax added back at source. This does not need to include pensions from auto-enrolment on your payslips

  • Were any benefits claimed (including child benefit) - we need a list of them please

  • Any other income, costs or taxes paid that we should be made aware of

  • Details of any payments you made to HMRC in January or July (advance payments)

The sooner you get it done, the more time you have to plan.

The sooner we are able to obtain this information from you, the sooner we can draft your figure and discuss things we can further help with.

There are penalties for not filing on time of £100 plus the reserved right to add additional fines and interest for unpaid taxes.