Tax returns are Due again

The end of the UK tax year may have past on 5th April 2017 and its not long before the next one, and if you file online for Self Assesment then its time to get your papers together and send them off to your accountant ASAP so your tax return can be prepared checked and filed all in good time before 31st January.

What you need to send your accounts is something like the following it of course depends on how complex your tax affairs are and so on:-

  • Bank statements covering 6th April 2016 to 5th April 2017
  • Any Bank interest received
  • P60 for any employments
  • Overseas income
  • Pension income
  • Rental information – Rents received, insurance due, repairs, and of course Mortgage interest – though very unhelpfully this is being gradually withdraw as an allowable deduction.
  • Any Professional Subscriptions
  • Any work from home time
  • Travel information – mileage, rates claims and any other potentially allowable expense.

Your accountant will then use PC based software to prepare your tax return and file it online via the Internet to HMRC.   Don’t leave it too late as otherwise you’ll stress out your accountant and run the risk of getting a penalty for late filing.

If you are self employed and you have not done so before you may need to submit a tax return, don’t worry though HMRC will contact you if you need to, you’ll be surprised how many people do though, if you work for many different employers for example by working as a white van man or work as a Lorry Driver or freelance on the Gig Economy you may need to also.

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