For a tax return, particularly for those with complex financial affairs, having comprehensive and accurate data is crucial. Here is a list of the most important information and documents you will need:
Personal Information
- National Insurance Number: Your unique identifier for tax and benefits purposes.
- Unique Taxpayer Reference (UTR): Your personal tax reference number.
- Personal Details: Name, address, and date of birth.
Income Information
- Employment Income: P60 forms from employers, P45 if you left a job during the tax year, and P11D for any benefits in kind.
- Self-Employment Income: Details of all income earned, including invoices and receipts, and expenses incurred (bank statements, expense receipts).
- Dividend Income: Dividend vouchers/statements from any shares you own.
- Rental Income: Records of rental income received and expenses related to property maintenance and management.
- Interest Income: Bank statements showing interest earned on savings.
- Pension Income: Details of any pension payments received, including state pension and private pensions.
Investment and Capital Gains
- Capital Gains: Records of any assets sold during the tax year (e.g., shares, property) including purchase and sale prices, and any associated costs.
- Investment Portfolios: Statements from investment accounts detailing dividends, interest, and gains or losses from the sale of investments.
- Foreign Income: Details of any income or gains from overseas investments.
Deductions and Reliefs
- Charitable Donations: Records of donations made under Gift Aid.
- Pension Contributions: Details of contributions to personal or workplace pension schemes.
- Business Expenses: For self-employed individuals, detailed records of business expenses.
Other Information
- Student Loan Repayments: If applicable, statements showing amounts repaid.
- Child Benefit Payments: If you or your partner received Child Benefit, you might need to provide this information, especially if your income exceeds the threshold for the High Income Child Benefit Charge.
- Tax Paid: Any tax already paid, either through PAYE or payments on account. You can log in and view your full history of tax payments and payments on account through HMRC’s online service here.
Tax Planning and Advisory
- Estate Planning: Any gifts or transfers of wealth, which could have inheritance tax implications.
- Tax Reliefs: Information on eligibility for any other tax reliefs, such as the Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS).
Professional Advice
The more complex your situation is, and the more money involved, the more important it is to get professional advice along the way. We can help you with the information listed under ‘Investment and Capital Gains’. Using an accountant or tax professional will help ensure all relevant data is collected and accurately reported, reducing the risk of future questions. They can also help optimise your tax position, taking advantage of all available reliefs and allowances, just as we do with your investments and pensions.