What Information Should I Give my Accountant for Self Assessment?

Making Tax Digital for Income Tax Self Assessment?is on the way, which means the current?Self Assessment tax return?as we know it is an endangered beast. For now though, you will still need to submit your Self Assessment tax return as normal. HMRC use it to?calculate the amount of tax you owe?as a small business owner, freelancer or partnership.

Using an accountant for Self Assessment

If you’re not a fan of filling in the Self Assessment information yourself, and not many people are, you might instead?bring in the services of an accountant. Although this is preferable to submitting a shabby tax return, it doesn’t mean your job is done quite yet.

You’ll still need to provide your accountant with the relevant information, so they can complete and submit your return for you. Lots of people are unsure about what they actually need to send in, so we’ve put together a list of all the information you’ll need to provide to your accountant so they can complete your Self Assessment. Remember,?the sooner, the better!

Employment information

If you’ve been an employee or director, either through your own company or otherwise, you will need to provide information about the wages that you received, and any tax you have already paid.

You can normally do this by providing your accountant with a P60 or P45, which shows gross salary, tax deducted and any student loan deductions. You’ll also need to let them know about any?P11D benefits?you receive, so give them a copy of the form.

Pensions

There are two sides to telling HMRC about your pensions: letting them know about income that you receive from one, and?reporting any payments that you make into a pension scheme?so that you can claim tax relief on it.

If you receive an occupational pension you should provide your accountant with your P60 or the certificate of pension paid. You will also need to show your accountant how much pension you receive and your notification letter if you receive a state pension.

You should also provide information on any other taxable benefits, such as amounts received and including taxable lump sums.

Self-employment and partnership income

Your accountant needs to know about the income that you receive as a self-employed person, whether you’re a sole trader, a partner in a partnership, or because you have your own limited company, and?pay yourself dividends as well as a salary.

You’ll normally need to provide:

• Business records, including the bookkeeping
• Confirmation of your share of any partnership income
• Partnership interest income and the tax deducted
• Any other partnership income

Investment income

Any income you have made on investments must also be declared in the Self Assessment return, which is why you’ll need to tell your accountant about them. The table below shows examples of different types of investment income, and the document you’ll need to provide to your accountant.

Investment Income Type Documentation Required Dividends from UK companies and/or unit trust including shares and/or units in place of dividends.Dividend/distribution vouchers which display the dividend received, the date received and the tax credit Expenses List of all tax deductible expenses e.g. professional subscriptions, travelling expenses Gift Aid or Deed of Covenant payments Gift Aid payments details including charity, date and amount given and covenant details Income from property, Income and expenditure including mortgage interest statements ,Income from trusts, settlements, Deeds of Covenant and estates R185 or certificates of income with tax deducted Interest from banks and building societies Certificates of interest and tax deducted Other payments qualifying for tax relief Lender’s statements displaying paid interest and tax relief given Overseas income Dividend vouchers and evidence of other income Pension contributions you have paid Payments details, including dates, amounts and policy details with copy documentation Qualifying loans and mortgagesLender’s statements displaying paid interest and tax relief givenStudent Loan repaymentsDetails of payments made with amounts and dates and copy statement displaying the balance as of 5 April

Capital transactions

You should also provide information which relates to any capital transactions. For this, 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 ￡12,300 in the 2022/23 tax year
• Capital losses to be claimed
• Share securities bought, sold or take-overs
• Property acquisitions and disposals
• Other chargeable disposals, e.g. personal property/effects worth over ￡12,300

Additional information

Your accountant may also need additional information from you when submitting your return. If you have any other income aside from those listed above, or tax deductions or gains/losses, you must provide your accountant with this information.

Once they have received it, your accountant will be able to complete an accurate Self Assessment return on your behalf.

If there are any queries or you have to file the return, kindly let me know.