What Information Do You Need to Submit to Your Accountant For Self Assessment

The Self Assessment Tax Return is on it’s way out. Making Tax Digital (MTD) is going to change how all small businesses owners, freelancers and partnerships calculate how much tax they owe. However, MTD is still “on the way”, which means the current Self Assessment tax return is still current and will be needed this year.

For those who have an accountant to fill in the Self Assessment information for you, there is still work you need to do. You will need to provide your accountant with the relevant information when requested, so that they can submit your return on your behalf.

If you’re unsure what you they require, here is a list of all the information your accountant needs to file your Self Assessment this year.

1. Employment Details

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

Your accountant needs your P60 or P45, which will show your gross salary, tax deducted and any student loan deductions etc.

If you have received benefits or expenses, you will also need to provide evidence of this by supplying the Employer’s P11D, which shows all taxable and other benefits.

2. Pension Income

Any pension income needs to be declared. If you receive an occupational pension, your should provide your accountant with your P60 or the certificate of pension paid. If you receive a state pension you need to send your notification letter with the amount of pension received.

Any other taxable benefits such as amounts received including taxable lump sums also need to be provided for your accountant to make the correct calculations.

3. Self-employment/partnership

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 should include business records, partnership interest income and the tax deducted, and any other partnership income.

4. Investment income

Income you have made on investments need to be declared in the Self Assessment return. Your accountant needs to know the type of investment income. They will then be able to tell you what documentation they require from you. For example, any income from property  will need to be evidenced through income and expenditure documentation, including mortgage interest statements. Talk to your accountant to understand what other documentation is required.

5. Capital transactions

Any information pertaining to capital transactions must be included in your Self Assessment. Your accountant will require information on any of the following relevant to you:

  • Disposal of main residence if partly used for business
  • Disposals where gains exceed £11,000
  • Capital losses to be claimed
  • Share securities bought, sold or takeovers
  • Property acquisitions and disposals
  • Other chargeable disposals, e.g. personal property/effects worth over £11,000

6. Additional Information

In addition to this, your accountant may also need more information from you when submitting your return. This might include other income aside from those listed above, or tax deductions or gains/losses, you must provide your accountant with this information for them to be able to make an accurate Self Assessment on your behalf.

If you need more information about completing your Self Assessment Tax Returns this year, talk to us at Steven Glicher & Co Chartered Accountants.

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