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Necessary Information to Provide Accountants for Self Assessment

Jenny by Jenny
in self-assessment, Tax
Reading Time: 3 mins read

You will still need to submit your Self Assessment tax return as normal this year. HMRC uses this to calculate how much tax you owe as a small business owner, freelancer, or partnership. A self-assessment tax return can be a complicated and stressful process. Many people find it difficult to understand and complete their return. This is where an accountant can help you.

How an Accountant Can Help You With Self-Assessment Tax Return

An accountant will be able to understand your business and personal financial situation. They will also be able to complete your return correctly. This will ensure that you pay the correct amount of tax and avoid any penalties. In this case, there is information you need to provide your accountant for a Self Assessment tax return. What are they?

Employment Information

If you are employed, you will need to provide your accountant with a P60. This is a statement of earnings that your employer should provide you with.

This shows what you were paid, what tax you paid, and any other of your benefits. This can also include any other forms you receive showing how much you have earned.

It will be good to check that you do have a P60. If you do not, then contact the payroll or your HR department or tax office. If they do not have it, they can ask you to contact HMRC.

Pension Income

If you have an occupational pension, be sure to give your accountant your P60 or certificate of pension paid. Also, let them know how much pension you receive and show them your notification letter if you get a state pension. Lastly, provide information on any other taxable benefits, such as taxable lump sums.

Self-Employment and Partnership Income

If you are self-employed, you must provide your accountant with information on your business income and expenses. This will include your business bank statements and a list of invoices, as well as any cash receipts and expenses.

If you are a partner in a partnership, you will need to give your accountant your P60 or certificate of pension paid. 

Investment Income

If you have a personal investment, such as a stocks and shares ISA or a pension, you will need to provide documentation to your accountant. This will include information on any dividends and interest as well as the value of the assets.

Capital Gains

If you have made capital gains or losses throughout the year, you will need to provide your accountant with evidence. This will include your expenses and the price you made your gains or losses.

Additional Information

Your accountant may also need to know about any other sources of income you may have, such as rental income, dividends and interest. They will also need to know about any expenses you have incurred, such as mortgage interest, car expenses and any other costs related to your work.

To Sum Up

There are a few key pieces of information that you should give your accountant for self assessment. This includes your income, expenses, assets, and liabilities. By providing this information, your accountant will be able to prepare your self assessment and ensure that everything is accurate.

Work with the best accountants for your Self Assessment at Accountants247. We provide cost-effective, high value solutions to meet your needs. Get in touch with us. 

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