Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Making Tax Digital is on the way, which means the current Self Assessment tax return as we know it is an endangered beast.

While it may be on its last legs, it’s still important to submit your Self Assessment. HMRC use it to calculate the amount of tax you owe as a small business owner, freelancer or partnership.

Using an accountant for Self Assessment

If you’re not a fan of filling in the Self Assessment information yourself, it’s possible you’ve invested in the help of an accountant. And although this is preferable to submitting a shabby tax return, it doesn’t mean your job is done and dusted quite yet.

You’ll still need to provide your accountant with the relevant information, so they can submit your return on your behalf.

If you’re unsure what you need to send in, here’s a list of all the information you’ll need to provide your accountant with when they’re filing your Self Assessment. You can also download our Self Assessment guide for beginners.

Self Assessment Guide

Employment information for Self Assessment

If you’ve been an employee, either through your own company or otherwise, you will need to provide information on your annual salary and any tax you have already paid.

You should do this by providing your accountant with a P60 or P45, which shows gross salary, tax deducted and any student loan deductions.

If you have received benefits or expenses you will also need to provide evidence of this. An Employer’s P11D shows all taxable and other benefits that you receive.

Pension income

If you receive an occupational pension you should provide your accountant with your P60 or the certificate of pension paid. You will also need to show your accountant how much pension you receive and your notification letter if you receive a state pension.

You should also provide information on any other taxable benefits, such as amounts received and including taxable lump sums.

Self-employment and partnership income

If you are self-employed or in a partnership, you should give your accountant all information of any profits or losses the business has made over your accounting period. This will include:

Investment income

Any income you have made on investments must also be declared in the Self Assessment return, which is why you’ll need to tell your accountant about them.

You can see below a table of the investment income type and the document you’ll need to provide.

Investment income type Documentation required
Interest from banks and building societies Certificates of interest and tax deducted
Dividends from UK companies and/or unit trust including shares and/or units in place of dividends Dividend/distribution vouchers which display the dividend received, the date received and the tax credit
Income from trusts, settlements, Deeds of Covenant and estates R185 or certificates of income with tax deducted
Income from property Income and expenditure including mortgage interest statements
Overseas income Dividend vouchers and evidence of other income
Expenses List of all tax deductible expenses e.g. professional subscriptions, travelling expenses
Pension contributions you have paid Payments details, including dates, amounts and policy details with copy documentation
Qualifying loans and mortgages Lender’s statements displaying paid interest and tax relief given
Gift Aid or Deed of Covenant payments Gift Aid payments details including charity, date and amount given and covenant details
Student Loan repayments Details of payments made with amounts and dates and copy statement displaying the balance as of 5 April
Other payments qualifying for tax relief Lender’s statements displaying paid interest and tax relief given

Capital transactions

You should also provide information pertaining to and capital transactions. For this, your accountant will require information on any of the following relevant to you.

Tax return services

Additional information

Your accountant may also need additional information from you when submitting your return. If you have any other income aside from those listed above, or tax deductions or gains/losses, you must provide your accountant with this information.

Once they have received it, your accountant will be able to complete an accurate Self Assessment return on your behalf.

In need of a new accountant for Self Assessment season? Get in touch with the TAP team by calling 020 3355 4047 or get an instant quotation.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

What Employers Should Know About Payroll Giving

Payroll Giving – also known as Give As You Earn (GAYE) – has been around for some time now but a sizeable…

Read More

National Insurance, Dividend Tax, and the Health and Social Care Levy

What the changes mean for employers, employees, and the self-employed The UK government announced their new plan for health and social care…

Read More

Can Self-Employed People Get Help with Childcare Costs?

Being self-employed can mean that your working hours are more flexible than they would be for an employer, but caring for children…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.