Information Your Accountant Requires for Filling Your Self-Assessment

Using an accountant for Self Assessment

The Government is working hard to make digital the entire tax structure, which means the current Self-Assessment tax return as we know it today is on its way out. But as long as it is there, we have to fill and submit our Self-Assessment form in order to let the authorities know how much tax you owe as a small business owner, freelancer or partnership. If you find filling your own Self-Assessment cumbersome, frustrating or tedious, it is best you hire the services of a qualified accountant.

An accountant well-versed with such things can do a good job of filling your Self-Assessment form, but it in no way implies that you hand over the job to your accountant and then forget everything about it. Your work does not end with handing over the work to your accountant as you still need to provide your accountant with relevant information so that the details can be accurately filled. However, in case you are unaware of what information your accountant may ask for, here is the list of all the information your accountant may require at the time of filling Self-Assessment form.

List of Information Require for Filling Self-Assessment form

Employment information

If you have been an employee, either at your own company or in some other organization, you need to provide information to your accountant about your annual salary as well as the tax that you have already paid. For this purpose, you should provide your accountant with a P60 or P45, which bears a detailed account of your gross salary, tax deducted and any student loan deductions. In case you have received any benefits or expenses, you will also need to provide evidence of this via the Employer’s P11D, which shows all taxable and other benefits.

Pension income

You have to furnish your accountant with P60 or the certificate of pension paid in case you receive an occupational pension. In case you receive a state pension, you have to furnish your notification letter along with the amount of pension you have received. In addition, you also need to provide details about the any taxable benefits that you have received.

Self-employment/Partnership

If you are self-employed or in partnership, you have to provide all information to your accountants related to the overall profit or loss made by the business during the accounting year.

This includes:

Business records

Partnership interest income and the total tax deducted on that income

Self-Assessment help

Investment income

You may have made some income on your investment. This information needs to be there on your Self-Assessment form, which necessitates on your part to provide this information to your accountant as well.

Here we list the type of investment income and the accompanying documents that need to be supplied with each type of investment income.

Investment income type

Interest received from banks and building societies

Documentation you need to submit

Certificates of interest and tax deducted

Investment income type

Dividends from UK companies and/or unit trust including shares and/or units in place of dividends

Documentation you need to submit

Dividend/distribution vouchers displaying the dividend received, the date on which it was received along with the tax credit

Investment income type

Income generated from Deeds of Covenant and estates, trusts and settlements

Documentation you need to submit

R185 or certificates of income showing the amount of tax that was deducted

Investment income type

Gross National savings interest received

Documentation you need to submit

Statements of interest received

Investment income type

Income received from property

Documentation you need to submit

Income and expenditure statements along with mortgage interest statements

Investment income type

Overseas income

Documentation you need to submit

Dividend vouchers and evidence of other income

Investment income type

Money that you have withdrawn from life assurance policies or bonds

Documentation you need to submit

Chargeable Event Certificate from life assurance policy

Investment income type

Expenses related to employment

Documentation you need to submit

You have to furnish details of all tax-deductible expenses like travelling expenses, professional deductions, etc.

Investment income type

Amount you have paid as pension contribution

Documentation you need to submit

Payments made, the date on which they were made, total amount paid, and policy details with copy documentation

Investment income type

Qualifying loans and mortgages

Documentation you need to submit

Lender’s statements showing the amount of interest paid and the total tax relief provided

Investment income type

Gift Aid or Deed of Covenant payments

Documentation you need to submit

Covenant details along with Gift Aid payments details, which should include charity, the amount given and the date on which it was given.

Investment income type

Student Loan repayments

Documentation you need to submit

Details of payments made with amounts and the dates on which the payment was made. You also need to furnish copy statement showing the balance as of 5 April

Investment income type

Sundry other payments that may qualify for tax relief

Documentation you need to submit

Details of the payee, amount, and the date for the same along with a short description of the reason

Capital transactions

You should also provide all the relevant information pertaining to all the financial transaction that you undertook during the financial year.

For this purpose, your accountant will require information on any of the below mentioned that applies to you.

Disposals where the gain is in excess of £11,000

Capital losses that needs to be claimed

Disposal of main residence if it is partly used for business

Shares bought, sold or any take-over you may have completed

Acquisition of properties and their disposals

Other chargeable disposals, e.g. personal property exceeding £11,000

Any other additional information

In addition to the above details, your account may require you to furnish further details while filling your Self-assessment form. If you have any income generated from sources not mentioned above, or tax deductions or gains/losses, it is important you provide all the details to your accountant. Once your accountant has all the relevant information, you can be assured that he will do a good job of completing an accurate Self-Assessment return for you.

About the author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.