So you want to do your own tax return?
It’s that time of the year again when self-employed individuals around the country squirm as HMRC send out their notifications to compete a tax return.
Some people might be daunted by the thought of submitting information to HMRC – it’s fair to say that because it’s an annual thing you can forget what you need and how to go about it. That said, once you have all the information to hand it can be quite straightforward and many people complete their own tax return without any problem.
Whether you are completing your own return or an accountant is completing it on your behalf, you can’t underestimate the value of a well organised filing system. Make sure you know what documentation is required and file it safely as soon as you receive it.
In this day and age I find it easier to scan any documents and save them in a folder on a server (in my case Dropbox) then you can share the folder with your accountant when the time comes. If you’re not a Dropbox user then you can open a free account here.
What do I need to prepare for my tax return?
For a typical return there are a few things to gather together:
Income from employment:
If you’ve received a P45, P60, P11D etc. Also information about redundancy or termination payments.
Profit and Loss account details.
You should keep any records relating to social security benefits, Statutory Sick Pay, Statutory Maternity, Paternity or Adoption Pay and Jobseeker’s Allowance.
Income from property:
Rents received and the expenses you’ve paid from letting out property.
Details of Interest, dividends or other income from UK savings, investments or trusts or Income from employee share schemes or share-related benefits.
Now that you have everything you need you can logon to HMRC and file your return online.
But if you’re not too confident with doing it yourself then why not give us a call on 0141 442 0042 or drop us a line and we can guide you along the way.