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Last week saw the end of the 17/18 tax year on 5th April, for which many of us will need to produce and file a personal tax return .  To make things easier, here is our list of the information you need to keep for your tax return.

Getting the information together over the next couple of months will make it easier for you for when the time comes for your accountant to do your personal tax return.  The 17/18 tax returns are due for filing and payment by 31st January 2019, but read our blog and why you shouldn’t leave it that late!

Here is our list of things you may need to keep hold of for your return:

P60 form from Employment

If you were employed at 5th April then you employer has until 31st May 2018 to provide you with your P60 form.  This summarises all the pay and deductions from that employment during the year that will need to go on your return.

 P45

Every time you left a job during the tax year, you should have been provided with a P45 form which summarised your income and deductions up until the point you left.  If you did not work again in the tax year after leaving that job, then it’s this rather than the P60 you will need to keep hold of for your tax return.

Interest statements

Your banks and building societies should be sending out your annual statements shortly after the end of the tax year, showing the amount of interest you have earnt, and any tax that they have deducted from you before crediting your account. Even if tax has already been deducted this still needs to go on your return so keep it to hand.

Dividends

If you have received any dividends during the year then a list of all the dividend amounts along with the dates they were taken will be needed.  You may be sent dividend certificates to back up these amounts, or if you issue your own, then a summary from your accounting software should suffice.

Mortgage statement

Mortgage interest is no longer an allowable expense when calculating taxable rental profits from 6th April onwards. However, a basic rate tax deduction of up to 20% of the finance cost can be made so it’s important to have these details.  Mortgage companies tend to wait until the end of the calendar year to send out their statements so make sure you request them for the tax year well in advance as they will be inundated in January.

Capital gains

If you are sold any capital assets during the year then you may be liable to Capital Gains Tax.  If you have made a gain when disposing of a second home, shares, cryptocurrencies or any other asset then you may have to pay tax on them.  Find the details of the original purchase costs as well as the disposal proceeds so you accountant can calculate what gain, if any, there is.

Student loan

If you have an outstanding balance and earn over the £17,775 threshold (raising to £18,330 in 18/19), then your student loan will be payable at 9% through your self-assessment tax return. You may have already repaid some student loan through your PAYE income and this will be shown on your P45 or P60.  If you think that 9% total will be above the total amount you owe back to the Student Loan Company, then it’s important to get confirmation from them of your balance so that you do not over pay them.

P11D

If you have received benefits other than pay through your employment – company car, private health care, gym membership, etc – then you should have been provided with a P11D form from your employer after the filing deadline of 6th July.  You will need to include the cash equivalent of these benefits on your tax return and they will be treated as another income.

The items above above are just some examples of paperwork you will need to keep hold of, but it is important to have supporting documentation for anything included on your return – and to check that anything that should be included isn’t missing!

If you have any questions about this – or anything else – then please contact us on the details above.