The standard Self-Assessment Tax Return includes all the usual areas that you’d expect to have to confirm to HMRC. These include the obvious things like personal details, information about income for the period in question, any assets, dividends, interest received, pensions and so on.
However, there are a number of additional areas that you need to check and confirm before the return is submitted and filed with HMRC. It’s not an exhaustive list, but things people sometimes miss and that you need to check you have allowed for (if applicable) include:
- Employment Income — have you confirmed any employment income? Have you supplied Taxfile, if we’re your tax agent or accountant, with copies of P60’s and P11D’s. Did you have any employment expenses?
- Self-Employment Income or Partnership Income — have you confirmed any self-employed or partnership income and relevant expenses? Have you supplied all CIS vouchers, invoices, cash income etc. if applicable?
- UK Land & Property Income — have you confirmed any rental income and relevant expenses for each property you perhaps rent out?
- Foreign Income — did you receive any foreign income? Have you confirmed it?
- Trust Income — did you receive any trust income or are you treated as having received any trust income?
- Capital Gains — have you sold any assets or investments which may be subject to capital gains tax e.g. a rental house, stocks and shares etc?
- Residence — were you, for all or part of the year, not resident, not ‘ordinarily resident’ or not ‘domiciled’ in the UK?
- Investment Income — have you confirmed any bank/building society interest, dividends, etc?
- Pension Income — are you in receipt of any? It needs confirming if so.
- Any other income received that doesn’t fit into any of the above e.g. Job Seekers Allowance, Tax Credits? Child Benefit is an important one, especially if one parent is earning £50k or more. Marriage Allowance is another.
- Do you have a pension that you pay into? If so, how much did you pay for the period in question?
- Have you given any money to charity? Higher rate taxpayers can usually get extra tax relief on this.
- Do you have a student loan?
- Are you subject to the High Income Benefit Charge?
- Do you use a service company?
- Have you been paying your National Insurance?
- Have you been keeping good records?
Taxfile will always prompt you to check for things like these if you’re our customer, before we submit your tax return on your behalf. As we say above, though, the list is not an exhaustive one, so there may be other information we need, depending upon your individual situation. The list of what HMRC requires each year also tends to change too.
It’s incredibly important to get your tax return right, so all of this really matters. You need to pay the right tax (not too much; not too little) and to be able to offset all the right expenses against your tax. After all, you don’t want to pay too much! We can only help with that if we have all the information from you. It’s good to know that customers are covered by our free Fee Protection insurance. This service is available to Taxfile customers so long as their tax affairs are up to date i.e. all tax returns have been submitted by us by the required deadline and customers have supplied a full and truthful account of their affairs at the time their return was submitted. This free insurance could save them hundreds of pounds should HMRC ever investigate the figures that have been submitted to them in the self-assessment tax return. In effect, that means that you’d pay nothing for us to defend your figures on your behalf, saving you probably hundreds of pounds should the worst happen.
“We make tax returns easy by doing it all for you – simple!”
Taxfile fill in & submit your tax return for you! Simple!
Taxfile are experts at filling in and submitting self-assessment tax returns and any other kind of tax returns for clients, including landlord returns, partner returns, director returns and so on. We fill in all the relevant figures and fields, check you’re happy with it and then file it with HMRC on your behalf. Tax returns can be very confusing and sometimes complex, but we make it easy by doing it all for you – simple!
Need help with your tax return?
If you’d like professional help with any kind of tax return, call 0208 761 8000 or start the ball rolling with a very short form here and we’ll be in touch to tell you the next, simple steps. We’re tax advisors and accountants based in Tulse Hill, South London (SE21) but can help anyone, anywhere, using modern technology. Feel free to book an appointment with us if you prefer to meet face-to-face, though — we’d be delighted to meet you (we’re open Monday to Friday, plus Saturdays until the end of January 2021).