What do I need for my Self Assessment tax return?
A Self Assessment checklist of all the information you need to submit or provide your accountant for your tax return including important tax return dates. Also, learn the benefits you can receive for an early submission and the interest penalties you’ll collect for late surrenders.
Chartered Certified Accountant
Hayley Hedges-Quinn
Discover the ins and outs of completing your Self Assessment and read our comprehensive checklist of everything you need to submit, or give to your accountant, to ensure your tax return is complete.
Approaching the end of the tax year is always a good time to get yourself sorted and organised with your Self Assessment tax return. Why wait until January? If you get it completed and submitted in April or May, it’s done; you remove stress from yourself and can benefit from making an early Self Assessment submission.
Benefits of early Self Assessment submissions
- You can pay your tax through your PAYE code, meaning HMRC automatically collect what you owe them through your tax code
- Paying through your PAYE allows you to pay your tax steadily in monthly instalments rather than one large annual payment and defers payment for another year
- If you have to make payments on account and your taxable income has reduced, then filing your tax return by 31 July will reduce your payment on account
Diary dates for Self Assessment submission deadlines and payment dates
Self Assessment interest penalties
- 2.75% interest will be charged on late payments
- A return received online in February will be treated as a return received late, with a valid reasonable excuse for the lateness. This means that:
- There will be an extended enquiry window
- For returns filed after 28 February the other late filing penalties (daily penalties from 3 months, 6 and 12 month penalties) will operate as usual
- A 5% late payment penalty will be charged if tax remains outstanding, and a payment plan has not been set up, by midnight on 1 April 2022. Further late payment penalties will be charged at the usual 6 and 12 month points (August 2022 and February 2023 respectively) on tax outstanding where a payment plan has not been set up
What do I need to give to my accountant for my tax return?
Or, what do I need for my tax return?
Here's a comprehensive list of everything you need to submit or give to your accountant to complete your Self Assessment:
Here's a comprehensive list of everything you need to submit or give to your accountant to complete your Self Assessment:
1
Employment information
If you are an employee (through your own company or by another) you need to show your annual salary and tax you have already paid. Your tax information is found on your P60 (this shows your salary and tax for the whole tax year – how much you were paid, and how much tax, student loan and National Insurance was deducted) or P45 (how much tax and NI your employer paid for the tax year, up until the date you left your job with them).
If you are an employee (through your own company or by another) you need to show your annual salary and tax you have already paid. Your tax information is found on your P60 (this shows your salary and tax for the whole tax year – how much you were paid, and how much tax, student loan and National Insurance was deducted) or P45 (how much tax and NI your employer paid for the tax year, up until the date you left your job with them).
2
Income for self-employed people and partnerships
You will need all information regarding your business profits and losses including:
You will need all information regarding your business profits and losses including:
- Partnership interest income and the tax deducted
- Partnership income
- Business records — you’ll need to have your bank statements for your business accounts and any cheque books and paying-in books, if still applicable. Loan statements, finance agreements, business credit card statement, stock value, assets that were sold, scrapped or disposed of during the year, copies of VAT returns
- Don’t forget to include the final SEISS grant if you received it in April/May 2021
3
Purchase invoices and expenses receipts
If your accountant does not have the receipts they may need to take an educated guess or leave some expenses out which will then increase your tax bill. Your petty cash receipts balance also needs to be included.
If your accountant does not have the receipts they may need to take an educated guess or leave some expenses out which will then increase your tax bill. Your petty cash receipts balance also needs to be included.
4
Benefits and expenses
If you receive benefit in kind — the services you receive from your company in addition to your salary — you need to also declare them. Benefits in kind include private healthcare, interest free loans and company cars. This information is found on your P11D form. This will only affect those people who own their business, freelance or are contractors. If you are not in one of these groups, your P11D will be filed by your employer.
If you receive benefit in kind — the services you receive from your company in addition to your salary — you need to also declare them. Benefits in kind include private healthcare, interest free loans and company cars. This information is found on your P11D form. This will only affect those people who own their business, freelance or are contractors. If you are not in one of these groups, your P11D will be filed by your employer.
5
Investment income
If you’ve made an income on any investments you may own, this also needs to be declared to your accountant or on your Self Assessment return you’re filing.
If you’ve made an income on any investments you may own, this also needs to be declared to your accountant or on your Self Assessment return you’re filing.
6
Pension income
If you receive an occupational pension, this also needs to be declared. Your P60 or certificate of pension paid will detail this and you’ll need to know how much pension you receive and if you receive a state pension, your notification letter will be required.
If you receive an occupational pension, this also needs to be declared. Your P60 or certificate of pension paid will detail this and you’ll need to know how much pension you receive and if you receive a state pension, your notification letter will be required.
7
Student Loan details
If you have a Student Loan this will also need to be declared on your tax return so we will need to know the type of student loan that you have.
If you have a Student Loan this will also need to be declared on your tax return so we will need to know the type of student loan that you have.
Submitting your own Self Assessment can be a daunting process with language which can be confusing. If you have any worries regarding your Self Assessment, please contact Hayley from Hedges-Quinn & Co and chat through your concerns.
Call Hayley at Hedges-Quinn and Co today on 01473 657853 and reduce the stress of submitting your own Self Assessment
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