GUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR
SELF ASSESSMENT TAX RETURN
Details required if you are employed
- Form P60 (details of income and tax deducted during the year).
- Form P11d (details of benefits provided if P11d form is not available).
- Details of bonuses or other income whether taxed or not.
- Your PAYE coding notices, if available.
Details required if you are self-employed
- Your books and papers if we prepare your accounts.
- An income and expenditure account when accounts have not been prepared by us.
- Details of any Self-Employment Income Support Scheme grants received in the tax year.
Details required relating to periods of retirement or unemployment
- Details of State and other pensions received during the year.
- Details of other taxable state benefits received during the year. See https://www.gov.uk/income-tax/taxfree-and-taxable-state-benefits for a list of taxable benefits.
Please provide certificates stating interest received from Bank, Building Society or National Savings accounts. ISAs are not taxable and therefore details are not required.
Please provide all dividend vouchers for payments received in the tax year. If you have a portfolio summary, please forward this to us.
Income from a let property
Please provide details of any rental income i.e. statements issued by letting agents, together with details of expenses.
If there is a mortgage on the property, we will also require a note confirming the total interest paid (capital repayments cannot be claimed).
For the 2020/21 tax year, 100% of the interest will be available as a basic rate tax reduction.
Details of any other income received during the year not included in the above are required, including gains from UK Life policies (please provide chargeable event certificates) and details of any income received from Trusts.
Tax deductible payments
Please provide the following information in respect of any pension contributions made by you:
- Name of pension provider
- Type of policy (RAP, PPP Gross or Net, AVCs or stakeholder)
- Policy number
- Amount paid in the year, clearly stating whether this was the net or gross amount.
Contributions made by your employer are not tax deductible, therefore details will not be required in this instance.
Details of loans or mortgages, showing interest paid during the year, for the purchase of commercially let property or the provision of business capital are required. Please also state whether these were paid off during the year. Details of the mortgage on your principal private residence are not required as it is not a tax deductible expense.
Please provide full details of payments made in respect of Gift Aid donations, Enterprise Investment Scheme subscriptions, Maintenance payments (please provide the date of the Court Order), repayment of Income Contingent Student Loans or any other payments which may be tax deductible.
Capital Gains and losses
Full details, including the date of acquisition and cost of any sales or purchases of capital items, are required in respect of the following items in particular:
- Please provide all available details of share transactions during the tax year. All contract notes will be required.
- Please provide full details of all properties sold during the year.
Please let us know if you were non-resident, non UK domiciled or not ordinarily resident in the UK during the tax year.
Changes in circumstances
Please supply details of any other information which may affect your tax position, including changes in family circumstances or changes in business circumstances.
If yours or your partner’s income exceeded £50,000 then we will need to know the amount of Child Benefit received in the tax year and the number of children this was for.
If you are eligible, Marriage Allowance allows the lower earner to transfer any unused tax-free allowance of up to 10% of the value of the full personal allowance (£1,250), to the higher-earning partner. This reduces their tax by up to £250.
To benefit as a couple, the lower earner must have an income of £12,500 or less and the higher earner’s income must be between £12,501 and £50,000. Please see https://www.gov.uk/apply-marriage-allowance for further details and to apply. You will need to let us know if you have successfully applied for this.
Please use HMRC’s tool here if you believe that you no longer meet the criteria for completing Self Assessment Tax Returns or if you are not registered and think you may need to be. Contact Paul Castle or Gemma Davis if you would like to discuss further.