Getting Ready to File Your Self-Assessment
You can now file your self-assessment for 2023/2024. If you haven’t already, please get in touch and we will help you.
Filing a self-assessment tax return can seem daunting, but with the right documents and information at hand, the process becomes more streamlined.
Let’s look at the essential documents you will need to file your self-assessment:
1. Personal Information:
Make sure the following information is correct and updated at HMRC.
If we are your agent and have access to your tax profile, please ask anyone at Anlo to send you the details that HMRC has on file for you to check.
Full Name
National Insurance Number
Contact Details: Include your current address, phone number, and email address for communication.
I suggest you use the online tax registration services and activate your Government Gateway account. This was you can get reminders and see what is going on in your tax affairs.
2. Income Documents:
Gather all relevant income-related documents for the tax year, including:
Employment Income: P60 forms or employment statements from each employer, detailing your earnings and tax deductions.
Self-Employment Income: Income and expense records, sales invoices, receipts, and bank statements. Start by downloading your bank statements for the whole year in excel. The year runs from the 6th of April to the 5th of April.
Rental Income: Rental income statements, expenses incurred, and relevant documents like tenancy agreements that stipulate information that could be relevant to your tax.
Remember to include landlord insurance and certificates etc. as part of your expenses as well as any repairs and maintenance you did on the property. Please also provide details of all properties please.
Investment Income: Statements from banks, building societies, and investment providers showing interest earned or dividends received.
Pension Income: P60 forms or pension statements from pension providers.
3. Benefits and Allowances:
Keep records of any benefits or allowances received, including:
State Benefits: Documents relating to benefits like Jobseeker's Allowance, Universal Credit, or Maternity Allowance.
Child Benefits: Information about Child Benefit received, including the dates and amounts.
Tax Credits: Statements or documents regarding Working Tax Credit or Child Tax Credit.
This is often something that is missed because we don’t know what our clients claim for.
4. Deductions and Expenses:
Maintain records of eligible deductions and expenses to minimize your tax liability:
Business Expenses: Detailed records of allowable business expenses such as office rent, travel expenses, and professional fees.
Self-Employment Deductions: Keep track of expenses directly related to your self-employed work, including equipment costs, advertising, and insurance premiums.
Employment Expenses: Records of allowable employment-related expenses that were not reimbursed by your employer.
5. Capital Gains and Losses
If you have disposed of assets during the tax year, gather the following information:
Sales/Purchase Documents: Records of assets sold or purchased, including dates, purchase prices, and sale proceeds.
Capital Gain Calculations: Any calculations or supporting documents for capital gains or losses.
Please remember that CGT returns needs to be filed within 60 days after selling the residential property.
6. Pension Contributions:
Keep track of pension contributions made during the tax year:
Personal Pension Contributions: Statements or records of contributions made to personal pension schemes.
Workplace Pension Contributions: Documentation relating to contributions made to your workplace pension scheme.
7. Other Relevant Information:
Consider including any additional information that may impact your tax liability, such as:
Gift Aid Donations: Records of any charitable donations made under the Gift Aid scheme.
Student Loan Repayments: Details of student loan repayments, if applicable.
Foreign Income and Assets: Information about any foreign income, foreign bank accounts, or overseas assets.
Share your personal allowance with your spouse.
Filing a self-assessment tax return requires you to be organised and to keep the relevant documentation. By ensuring you have all the necessary documents and information at hand, you can streamline the process and minimise the risk of errors or omissions.
You are more than welcome to send the documents on to us, and we will save the documents on file for when we are ready to submit your return.
The deadline for filing your self-assessment is the 31st of January 2025, but we want to encourage everyone to file the return before the 31st of December if possible. This will help with cash flow and for you to be able to make payment arrangements with HMRC. Also, no one needs extra stress over a happy time of the year.
Happy filing 😊