Here is a brief guide to Self Assessment deadlines and the information you will need to give to your accountant so they can complete your Tax Returns on time.
Self Assessment Deadline
Register for Self Assessment 5th October 2019
Paper Tax Returns Midnight 31st October
Online Tax Returns Midnight 31st January
Pay the Tax you owe Midnight 31st January
- Your bank statements for ALL of your business accounts and for the WHOLE period. You’ll probably have one main account, but if you have a deposit account or a reserve account, they’ll still need to see the statements to track any movement during the year. Also include any cheque books or paying in books.
- Your loan statements.
- If you have a business credit card, then they’ll need these statements too. If you have a personal card that you occasionally pay for business expenses on they need to see these too.
- Details of any finance agreements taken out during the year. If you’ve got a new hire purchase, you must let your accountant know.
- All your payroll records for the year. Make sure your reports show employers national insurance.
- All of your sales income. So all of your sales invoices for the year.All of your purchase invoices and expenses receipts for the period.
- Petty cash receipts and also a note saying the petty cash balance at the year end. Your accountant will need to reconcile your cash so this vital.
- If you trade through a Limited Company, then keep a log of any business mileage that you do. Keep in mind that business mileage is not driving to work every day; instead it’s travelling to courses and your accountants, those kind of things.
TAX RETURN RECORDS
- If you have any other separate income you need to provide your P60, or P45 if that employment income ceased during the year.
- If you had a P11d then also include that as otherwise your tax calculation will be wrong and you could end up getting a tax refund and then into a whole host of problems with HMRC!
- Details of any private pension payments made.
- Details of all bank interest received during the year for any savings accounts.
- Details of any other dividends received during the year.
- Any other income received during the year. This could range from another self employment that you may have or a chargeable gain. Maybe you sold a rental property or some shares.
If you are unsure about any of the above or need an accountant to help you with getting your finances in order get in touch with CWR Accountants on 01524 67371.