What information do I need for my tax return?

Everything you need to know about completing your tax return.

HMRC is encouraging people to file tax returns using the self-assessment online system however you may still file a paper return, although the filing date is 31^st October 2017 compared to 31^st January 2018 for online returns. You only have to fill in the sections relevant to you and your circumstances. In some cases, you may only have to fill out a short tax return with only 4 pages for some people whose tax returns are straightforward. However, you cannot ask for a short form from HMRC and it is not available on the website.

If you have submitted an online return for the previous year HMRC will not send you a paper tax return for the following year.  You should receive an email from HMRC telling you to check your online self-assessment account for a notice file letter if you have opted for digital communication, if not, you should receive a letter through the post telling you to file a return.

The paperwork you may need

• Employment income (and pension income)
  • Your P60 form – for employment held at 5^th April in the tax year
  • Your P45 form – for any jobs you left during the tax year
  • Social Security Benefits – A letter from the DWP which shows the amount of your state pension or other taxable benefits. If you receive job seekers allowance there should be the form P60U
• Self Employment Income – A summary of your business income and expenses for the tax year. You will require bank statements, sales invoices, receipts for any expenses, cash books, paying in books, details of any loans taken out
• Capital Gains – Contract notes for the sale and purchase of any assets for eg: shares or antiques.
• Savings Income – A summary of interest received from your statements or passbook
• Rental Income – A summary of your rental income and expenses, bills for expenses and bank statements, Letting agreements

It should be noted that you should keep your records for future reference. If you are self-employed you need to keep your records for at least 5 years from filing date

If you require assistance with self-assessment please don’t hesitate to contact us today.