If you have been asked to complete a tax return by HMRC for self-assessment, this is due by the 31st January following the end of the tax year for online submissions, or 31st October for paper submissions. Corporation tax returns are due 12 months after the year end (although you have to pay your corporation tax 9 months after the year end so really it makes sense to do your tax return at the same time).
For a self-assesssment return for income tax you will need to have the following information to hand:
1. Personal details, including address, date of birth and Unique Taxpayer Reference
2. Details of all your various sources of income so you can tick the relevant boxes and get the correct supplementary pages in your return
3. For any employment income, you will need your latest P60 or P45 and P11D if applicable, to complete the employment page.
4. For any self-employed income, you will need a copy of your profit and loss account and details of any losses you are bringing forward to offset.
5. For any other income, such as property, savings or capital gains, you will need to read the relevant pages to assess the details required and ensure you have completed all the relevant boxes.
6. Other areas of the tax return depend upon your circumstances. Don’t forget to record pension contributions, gift aid, student loans and bank details if you are due a refund.
This list is not exhaustive and if your circumstances are complex, or you are unsure what boxes to complete, you should consult an accountant.
If you would like any advice in this area or any other areas of accounting or tax, please contact me on 01767 260282 or amy@tayloraccountancy.net, www.tayloraccountancy.net.
Amy Taylor Accountancy takes every care in preparing material to ensure that the content is accurate and up to date. However no responsibility for loss to any person acting or refraining from acting as a result of this material can be accepted by Amy Taylor Accountancy. You should always ask your accountant to give you specific advice which is tailored to your personal and business circumstances and properly implemented.
