Filing your return, the checklist.

We’ve only a matter of weeks to go, yet several million tax payers still haven’t yet pressed the submit button.

Are you one of them? Are you not sure as to whether you’ve calculated correctly? Included everything you’re supposed to? With our checklist of tips you’ll be sailing through!

*Complicated tax returns should be overseen by your accountant however, with less intricate returns our checklist should help you make sure you’ve done what needed correctly*

So what do you need to submit your Self-Assessment?

  • Your bank details, whether you need to pay HMRC or they need to pay you having these to hand will speed up the end process.
  • Your UTR number, this is your ‘unique tax reference’ issued to you when you register for self-assessment. There are two types, personal and company. If you are a director of your own Ltd company you should have both, a company UTR for corporation tax and a personal UTR for your personal tax. Ensure you submit your self-assessment with the correct UTR, if your not sure which is which you can look it up here
  • Your national insurance number.
  • P60 – if you are a salaried worker, this will be the case if you receive a salary from your Ltd company or if you are paid a private pension, the pension provider will send this to you.
  • Any un-taxed income (with supporting documents) for the 2019/2020 tax period (April 2019 – March 2020) this includes: rental income from renting out a property, tips/commission earned, income from any savings/investments/dividends and foreign income.

You’ll then need to collate all your business income including supporting evidence for the self employed period (2019-2020) this includes:

  • Invoices sent to customers
  • Any sales completed in this period not yet invoiced for
  • Any other sales to customers
  • Any private sales of goods (on sites such as ebay or gumtree) that relate to your business.
  • Other income such as grants received for your business or royalties.
  • You don’t need to include:
  • Any private sales of goods that don’t relate to your business.
  • Any interest received from the bank, even on a business account. (see un-taxed income above)

You’ll then need to collate details and supporting evidence of any charity donations made, expenses that have incurred which can includes pensions paid through personal tax, and any expense you are claiming.

Make sure your expense claims are eligible though, claiming for pet food for a ‘guard dog’ that turns out to be a Shih Tzu will be overturned, yes someone did try! To see the other top excuses, see HMRC’s video here

Expenses to consider are:

Now you have what you need to submit, remember don’t leave it until the last minute, it can lead to rushing on your application and information being incorrectly entered. The HMRC website does frequently experience problems on deadline day (31st) due the volume of people using the portals at the same time.

Alternatively save yourself the panic, peace of mind and stress get Turpin Accounting Services to do it for you. For a no obligation quote get in touch