Are you well versed with Self Assessment documentation your Accountant needs from you?

Well, learn here then.

Have you heard about MTD? The government is pushing things hard to make the tax structure Digital which means even your self-assessment will work that way out. You need to fill and submit your self-assessment to your authorities as a small business or a freelancer. To avoid errors, and to save time, it’s always best to hire an accountant.

It’s always good to trust and rely on your accountant, but it’s also important that you provide all accurate data and relevant information to your accountant. Want to know what all that includes? Great! Keep scrolling down.

List of information your accountant needs to know to file Self-Assessment:

Prepare your paperwork:

Remember, every document can be important. So make sure you compile all documents together that your accountant has asked for or can ask for. Recheck with your accountant if anything that you cannot find, inform them about this. Your overall profit and loss made by the business during the accounting year has to be given to your Accountant.

Don’t wait for the deadline to arrive:

Yes, 31st January may be the deadline for your self-assessment but you are not the only client your accountant handles. It will be a huge favor to your accountant if you submit your tax returns, relevant information as early as possible. The advantage is that maybe you have missed one or two documents and your accountant can ask for that before the deadline and save your penalty.

Employment information:

If you are an employee, you need to provide information on your annual salary. If you have receives benefits or any expenses you need to provide evidence of this through Employer’s P11D, which shows all benefits and taxes.

Pension Income:

If you receive an occupational pension you should provide your accountant with P60 or Pension certificate. If you receive state pension, provide the amount of pension received and your notification letter. Don’t forget about the other tax benefits received.

Investment Income:

Any financial gain created on Investment should even be filed in Self Assessment. Check the list here:

Investment income typeDocumentation required
Interest from banks and building societiesCertificates of interest and tax subtracted
Dividends from UK companies and/or unit trust including shares and/or units in place of dividendsDividend/distribution vouchers which display the dividend received, the date received and the tax credit
Income from trusts, settlements, Deeds of Covenant and estatesR185 or certificates of financial gain with tax subtracted
National savings interest received grossStatements of interest received
Income from propertyIncome and expenditure together with mortgage interest statements
Overseas financial gainDividend vouchers and proof of different financial gain
Monies withdrawn from insurance policies or bondsChargeable Event Certificate from insurance policy
Employment expensesList of all tax deductible expenses e.g. skilled subscriptions, travel expenses
Pension contributions you’ve gotPayments created together with dates, amounts and policy details with copy documentation
Qualifying loans and mortgagesLender’s statements displaying paid interest and tax relief given
Gift Aid  or Deed of Covenant paymentsGift Aid payments details together with charity, date and quantity given and covenant details
Student Loan repaymentsDetails of payments created with amounts and dates and duplicate statement displaying the balance as of 5 April
Other payments qualifying for tax reliefDetails of the receiver, amount, date of payment and a brief description of the explanation

Capital transactions:

Your accountant must also know about all these capital transactions.

  • Disposal of main residence if partially used for business
  • Disposals wherever gains exceed £11,000
  • Capital losses to be claimed
  • Share securities bought, sold or take-overs
  • Property acquisitions and disposals
  • Other guilty disposals, e.g. property value over £11,000