Autumn is here -which means Strictly, Bake off, (MAFSUK – guilty pleasure!)………………… and the start of tax return season!

Although the filing deadline is still 4 months away, many accountants require the information in the next month or so to be able to guarantee getting your return filed on time.  Believe it or not – yours is not the only return we have to get done!

Whether you are going to do your return yourself, or ask an accountant to help – there are certain key documents that you are going to need.  Starting to get this information together now will make completing your return easy when you come to do it.  You may need to request some of the information from third parties if you don’t have them to hand, so this needs to be done sooner rather than later.

Some of the key documents you will need are:

Employment Income

  • P60 (or P45 if left an employment in the year)
  • P11d if you had any benefits in kind (medical insurance, company car, director’s loan)

Self- employment

  • Accounts for the year. You will generally need an accountant to prepare these for you from your bank statement, sales and purchase invoices

Bank Interest

  • Details of interest earned on each bank account that is not an ISA account (however small, bank interest does need to be included on your return.) Your bank statement from May or June should show the total interest earned in the year – or you can get an interest certificate from your online account

Dividend Income

  • If you have shares that have paid a dividend in the year, you will have received a tax voucher from the company. If you can’t find this and you know how many shares you have, you can look online to find the dividend history of the company.

Rental Property

  • If managed by an agent, copies of your agents statements for the year
  • Details of the mortgage interest paid in the year.  Your monthly mortgage payment may include both interest and capital payments so you may need to ask your bank for a statement of the interest paid in the year.
  • Details of money spent on maintenance or refurbishment of the property as well as any other associated costs (insurance, service charges etc)

Pension Payments, Gift Aid and Child Benefit

  • If you are a higher rate taxpayer, then you will need to include on your return details of:
    • Any payments made personally to a pension scheme
    • Any payments or donations made to charities
    • Details of any child benefit received in the year

Obviously everyone’s situation is different and there may be additional information you need for your return, but the above checklist covers the more common elements that are likely to need to find in order to complete your return.

If you require help with your return this year, then please do not hesitate to get in touch (soon!) with Rosie at Wilkins & Co.