Tax Return 2017: Get Ready for Your Accountant

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Tax Time can be a particularly stressful especially if you accountant has been chasing you for your records so they can prepare your tax return. The reality is the more organised you are with your accounting records, the less time your accountant will need to spend preparing your returns meaning they are less likely to try and hit you with a larger bill than you agreed.  It also means your accountant can prepare your return quickly putting you less at risk of a late return and late filing penalties.

So if you are feeling overwhelmed and aren’t sure where to start we have prepared a checklist, along with a downloadable version you can keep for later.

Personal Information

Whether you accountant has prepared your tax return previously or not, it’s really helpful for them to confirm all your personal details before they submit your personal tax return.  So provide them with the following:

  • Your Name, address & date of birth;
  • Your National Insurance Number;
  • Your UTR number;
  • Student Loan Details & Statement;
  • Details of Tax Payments Made & HMRC Correspondence.

Self Employment Earnings

If you were self employed then you pay tax based on your business profits.  If you want to reduce your tax bill then you need to make sure you accountant is aware of all your allowable expenses so if you were self employed here is the information you should gather together:

  • Business Bank Statements
  • Sales Invoices sent to Customers Supplier Invoices & Business Receipts
  • Cash Expenses & Receipts for costs paid personally
  • Mileage Claims for Business Travel
  • Stock List at Year End
  • Use of Home Claim

Savings & Dividends

  • Dividend Certificates
  • Savings Account Statements or interest certificates (excl. ISAs)

Employment Income

  • P45 and/or P60
  • P11d

Rental Property Income

  • Rental Income & agreements
  • Mortgage statements
  • Managing Agent Statements Expense claims eg: travel
  • Service charges paid
  • Expenses paid eg: repairs, cleaning

Reliefs & Allowances

  • Gift Aid payments
  • EIS investments
  • Maintenance payments
  • Pension Contributions
  • Prior Year Losses
  • Marriage Allowance

Other Income

  • Sale of Share, Property & Land
  • Foreign Income
  • Gifts
  • Any other income

DOWNLOAD PDF CHECKLIST

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